A few years ago, a man visited Pastor Wes Helm at Springcreek Church in Garland, Texas, and told him about his financial problems. Helm scanned the man’s budget and noticed a large monthly expense – a payday loan fee three times the amount of the loan itself. “I thought it …

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 …

A new study from the telecommunications regulator Ofcom reveals that the number of announcements rose from 11,000 in 2009 to 397,000 last year. Heavy Rotation: Wonga Payday Loan Company TV Commercial The number of television commercials for payday loans has skyrocketed by 3,500% – companies targeting poor households with children, …

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 …

TORONTO, January 21, 2019 / PRNewswire / – Loans Canada, the country’s leading loan search platform, has matched hundreds of thousands of Canadian consumers with the loan, credit and debt relief services they need. Founded in 2012 by Scott Satov, CA, CFA, Loans Canada has quickly grown into one of …

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 …

A loan shark who said he charged less interest than Wonga and claimed that “children would go hungry” if borrowers could not turn to him was spared jail. Samuel Hayes ran an illegal business lending money from his laptop – meticulously recording debtor details on a spreadsheet. His £ 200,000 …

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 …

Breadcrumb Links Local News Author of the article: Derrick penner Release date : Sep 20, 2017 • September 20, 2017 • 2 minutes to read • Join the conversation BC regulators have ordered an insurance company to stop selling credit insurance through two BC payday loan companies. Photo by Nick …

A real reform would be to get rid of the payday lending industry altogether, but since that is unlikely to happen, the next best solution would be to cap loan interest rates at 36%, which is still insanely high. . There should also be a statewide database, a limit to …