Monthly Archives: March 2021

FTC, DOJ Mailing Payday Loan Scam Refund

The Federal Trade Commission (FTC), in conjunction with the US Department of Justice, announced Thursday (September 27) that it is sending 1,179,803 refund checks totaling more than $ 505 million to people who have been deceived by a payday loan program managed by AMG Services, Inc. and Scott A. Tucker. …

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Payday lenders run out of time in their fight against credit caps

Pressure is mounting on high-cost credit companies to be subject to tighter controls when granting short-term loans. Debt advisory agencies, consumer organizations, anti-poverty activists and a multi-stakeholder group of MPs have all joined in calls for the Financial Conduct Authority to regulate the market when it starts working in April …

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Mr. Cooper (COOP) Settles Investigation into Inappropriate Loan Department | Zoom Fintech

Opinion: Trying to get the ‘child’ property of the non-object in /home/admin/public_html/wp-content/themes/jnews/class/ContentTag.php in line 27 Mr. Cooper Group Inc. COOP agreed to pay a fine of $ 28.6 million to be able to settle authorized investigations with Shopper Monetary Safety Bureau, the Multi-State Committee of Mortgage Bank Regulators and various …

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Rocket Mortgage Review – Get a Home Loan in 10 Minutes

For years, Quicken Loans has boasted of being the best online mortgage broker in town. Its straightforward application process has enabled it to become one of the largest mortgage companies in the industry, accounting for 6% of mortgages in the United States. This puts them just behind banking giants like …

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Wonga, UK’s biggest payday lender and former sponsor of Newcastle United, reportedly on the verge of collapse

Wonga payday loan company is reportedly facing financial collapse. The company said it “continues to assess all options” as its future remains uncertain. Sky News reports suggest the company has identified Grant Thornton as a potential director. Britain’s biggest payday lender was the sponsor of Newcastle United’s shirt between 2013 …

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Consumer watchdog calls payday lending a trap

The U.S. consumer watchdog said short-term, high-cost loans often trap borrowers in a cycle of debt, warning on Wednesday in a report that new rules may be on the way for payday lenders and banks granting similar loans. The Consumer Financial Protection Bureau has stated that many lenders provide small …

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NCB becomes agile with a one-month loan | Business

National Commercial Bank Jamaica, NCB, has rolled out a second loan product on its digital platform, this time a payday advance loan with no interest charges, but with a monthly flat rate and repayable within one month. The bank said on Wednesday that PayAdvance was developed in May this year …

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Google boycots payday loan ads

Robert Choy said the decision to reduce exposure to these lenders was a morally sound move on Google’s part. Budgeting supporters have hailed search engine giant Google’s move to ban ads from payday loan lenders. From July 13, the search engine giant will ban advertisements for loans that were due …

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How to get a zero-interest car loan

IIf you’re looking to finance a vehicle, you’ve probably already done the math. If so, you know you can end up spending hundreds or even thousands of additional dollars in interest charges on car reimbursement. It doesn’t matter where you get your loan or how long your repayment terms are, …

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Definition of extendable loan

What is an extendable loan? An expandable loan is a form of financing for an individual or a business that can be used to cover a short-term gap. This is because the loan “spans” that gap, so the borrower can meet their financial obligations until more money comes in and …

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Ecobank Nigeria unveils Xpress Save and Xpress Loan

Ecobank ECOBANK Nigeria has unveiled a new product offering, Xpress Save and Xpress Loan, which allow customers to easily and quickly open digital savings accounts and also obtain short-term microloans using their mobile phones through a platform. – USSD shape, * 326 #. Ecobank Xpress Save and Xpress Loan, the …

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Committee adopts cap to reduce interest rates on payday loans | new

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CBOT Homeowners Refinance With $ 256 Million Loan

The owners of the Chicago Board of Trade Building couldn’t find a buyer for the Loop monument last year, but they provided for a salary by refinancing the property instead. A joint venture between Chicago-based developer GlenStar Properties and Los Angeles-based private equity firm Oaktree Capital Management has taken out …

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ZayZoon Proposes To Shake Up The Payday Loan Market

ZayZoon, a Canadian startup promising to tackle the payday lending industry through an app that allows workers to borrow money and have it automatically repaid through their paychecks, has won the Fintech Cup and 20,000 $ at the Payments Panorama conference. The Calgary-based squad – which beat four other finalists …

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Maple Ridge bans new payday lending centers

New payday lending centers that promise short term loans and instant cash are now prohibited from being opened in Maple Ridge, BC. There are currently six such businesses in the city, but the city council recently passed a bylaw prohibiting any new businesses from setting up. Councilor Tyler Shymkiw, who …

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Payday lender charging 500% interest sued

Payday lender Moola, which charges interest rates of over 500% per annum, faces legal action for its lending practices. Trade Commission is suing Fintech Limited, which operates as Moola, in the High Court and alleged that the company violated responsible lending practices under the Credit Contracting and Consumer Finance Act …

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Payday loan companies offering clients up to £ 1,000 if they convince friends to lend money with huge interest rates

Exclusive: But consumer watchdogs have lambasted companies such as Amigo Loans and BrightHouse for the ‘unethical’ practice BrightHouse high interest loan company is offering £ 220 if people introduce friends and family ( Image: MANCHESTER EVENING NEWS) Lenders offer clients money to attract friends and family to their books. High …

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Unique model earns Cooper’s Hawk a big salary

It may not be entirely correct to call Cooper’s Hawk Winery & Restaurants a chain of restaurants, not in the traditional sense. And that’s why the company was able to achieve a meteoric valuation in its sale agreement with Ares Management. The private equity firm pays more than $ 700 …

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Battle Brewing Over Ohio Payday Lending Bill

A battle is brewing for payday loans in Ohio. There are more than 650 storefronts in the state, but the industry argues that a new bill threatens to shut them all down. However, consumer advocates say payday loans have circumvented state law for years to prey on desperate borrowers. Denise …

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Google Ventures backs LendUp to rethink payday loans

A startup called Flurish Inc., better known as LendUp, has raised $ 14 million in Series A funding to provide an online alternative to traditional payday loans, according to co-founders Sasha Orloff and Jacob Rosenberg. Google Ventures led the investment in LendUp, joined by Data Collective and QED Investors. The …

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Alabama judge dismisses payday lender lawsuit

Archive photo (Source: WSFA 12 News) MONTGOMERY, AL (WSFA) – A Montgomery County Circuit Court judge dismisses a lawsuit filed by payday lenders seeking to challenge the state’s creation of a central database to track loans . Payday loans are short-term, often high-interest loans with rates as high as 456%. …

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Payday lender settles with North Carolina AG for $ 825,000

On January 27, the North Carolina Attorney General ad that a Florida-based payday lender (lender) agreed to pay $ 825,000 to settle allegations of usury, unlicensed loaning, illegal debt collection and unfair and deceptive practices in violation of the laws of the State on consumer protection. According to the announcement, …

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City considers new rules for payday loan companies

Breadcrumb Links Local News Author of the article: Michelle ruby Release date : November 14, 2019 • November 14, 2019 • 3 minutes to read • Join the conversation Brantford City Council wants to put new limits on the number and location of payday lending establishments. Photo by Brian Thompson …

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The officers and directors of CURO Group Holdings Corp. investigated for allegedly misleading statements regarding short-term payday loans

SAN FRANCISCO, April 20, 2020 / PRNewswire / – Schubert Jonckheer & Kolbe LLP is investigating potential shareholder claims over derivatives on behalf of shareholders of CURO Group Holdings Corp. (NYSE: CURO) regarding the company’s statements regarding its 2018 transition from short-term payday loans in Canada – the company’s most …

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Usurers operate inside businesses

As South Africa tries to extricate itself from the second wave of Covid-19 a year after entering a strict lockdown, it is evident that the pandemic has kept a magnifying glass on the fault lines of our society. The perpetual payday debt trap is one such loophole, and it is …

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Alternative IQ’s “Winners Showcase Investor Conference” is live this year. Investors, investment advisors and industry experts will review 5 award-winning Canadian hedge funds.

Toronto, Ontario – (Newsfile Corp. – February 23, 2021) – Alternative IQ announces a 1.5-hour virtual conference where investors, investment advisers, family offices, institutional investors and experts from The hedge fund industry hears from some of Canada’s brightest and best experts their wallets. A very timely conference, amid the volatility …

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