Thursday, March 27, 2008

House committee hears both sides of title loan issue

Speedy Cash executive Thomas Steele testified Wednesday there was no reason to impose new restrictions on businesses making loans to people using vehicles for collateral.

He said the company's loan offices in Wichita, Hutchinson and Salina provided a handy service to anyone needing a quick infusion of cash.

Wichita resident Lori Lawrence countered during the House Federal and State Affairs Committee hearing that title loan firms were predatory lenders who squeeze customers hooked on debt.

"This used to be called loan-sharking," she said.

The House committee gathered testimony from supporters and opponents of a bill setting a maximum interest rate of 36 percent on title loans in Kansas. That is identical to the percentage cap implemented by Congress for military personnel.

Chairman Arlen Siegfreid, R-Olathe, said he had no immediate plan to bring the bill to a vote in committee.

Rep. Melody McCray-Miller, D-Wichita, said she became a key sponsor of the bill to create a reasonable limit on interest paid by title loan borrowers.

The bill has been stuck in House committees for a year, and McCray-Miller said the full House should be given an opportunity to act on the measure.

"We are once again talking about consumer protection," she said.

Emilie Burdette Rush, an assistant attorney general for Kansas, said consumers were vulnerable under existing Kansas law because a person's expensive automobile could be seized and sold upon default on a relatively small loan.

The bill requires that upon default the lender can sell the vehicle but must refund to the borrower within 30 days proceeds from the sale that exceed principal, interest and expenses due the lender.

The annual percentage rate for Speedy Cash loans stands at 240 percent, Steele said. He said APR wasn't a good way to evaluate title loan fees because the short-term loan is intended to be repaid in weeks or months rather than years.

"We're a company that loves our customers," said Osjha Anderson, representing LoanMax. "We charge what we charge because that's the economic reality of it."

News Source:
http://cjonline.com

Tuesday, March 25, 2008

No-Fax Fast Cash Loans - No Worries, No Documentation!

Fast cash loans have many different names, but none of them fully captures the essence of this extremely versatile financial product. They have become very well known in the last few years and they are hassle-free and fast. A man´s best friend? Definitely, if used wisely. It is very easy to get caught up in the wonders this loan type has to offer and thus oversee some of its flaws, which can be dangerous if taken too lightly and not considered thoughtfully.

But we are not here to discuss the advantages and disadvantages of fast cash loans, not at all. This article focuses on a subtype pertaining to the same loan group: no-fax fast cash loans. So read on and be prepared for an incredible ride!

So, No-Fax Loans… Come Again?
Yes, exactly what I said. Do not feel out-of-date if it is the first time you have ever heard of this kind of loan. They have not been on the market long, but they surely are here to stay. So now you have your chance to get to know more about them, make the most of it!

The concept of payday loans and the way they work is extremely well know, I do not think I have to refresh your memory. But what about no-fax payday loans? The operate just like a normal loan, but with one major advantage: you will not need to fax any sort of documentation to the lender. This saves you huge amounts of time and breath.

How To Apply And Where To Find Them
When emergencies arise, there is usually no time for hassles or time wasting activities, you have to act, and you have to act fast. There will come the time when an unexpected circumstance will surprise you, and you will not have the means necessary to pay for all the sudden expenses. On situations like these, no-fax cash advance loans can really come in handy.

Searching online for payday lenders is definitely the way to go. Not only will you be able to run comparisons between them, but also speed up the already fast process of payday lending. There are not many requirements, everybody can have access to a loan of the sort. The chosen lender will probably ask for your social security number and a valid checking account . This is solely for informational purposes, income proof and personal information, among other, will be checked.

Amounts To Be Borrowed And The Interest Rate Issue
Generally, fast unsecured loans can provide you with anywhere from $100 to $2500, depending on your needs and on your repayment capabilities. Make sure to withdraw only as much as you need, otherwise you would be paying interest rate for a sum of money you do not actually necessitate.

The fact that the interest rates related to this type of loan are very high has been widely discussed. Of course that it seems like a low price to pay for the opportunities the loan offers, but you should have it in mind. Usually, rates are negotiable.

I hope this article was able to give you an insight on this marvellous loan product. Remember, use it only when in need!

News Source:
http://www.losangeleschronicle.com

Monday, March 10, 2008

Cash incentive for mothers to start businesses

Mothers could be offered a financial incentive to start up their own business after having children, in a Government attempt to boost the number of women entrepreneurs.

They would be given advice on how to run a firm, pitch for bank loans and prepare business plans under the enterprise strategy being launched tomorrow.

Rachel Lowe, 29, is the kind of entrepreneur the Government wants to encourage.

Miss Lowe, a mother-of-two, was working as a taxi driver in Portsmouth when she appeared on BBC television programme Dragon's Den in 2004 to pitch her idea for a board game, Destination.

The show's panel of tycoons was scathing about her idea but she was spotted by buyers for the London toy shop Hamley's. Since then her invention has outsold Twister and Monopoly.

John Hutton, the Business Secretary, wants to double the number of women-run firms to help Britain match the success of American businesses.

A study last month found that women who return to work after having children are often forced to take jobs for which they are over-qualified. Ministers think this "brain drain" could be reversed by mothers creating their own businesses.

Only one in six of the country's 4.5 million enterprises are run by women, and these businesses often pay higher interest rates on loans than those run by men. One idea being considered is a Government guarantee to protect up to 75 per cent of business start-up loans.

A Government source said: "We are doing well in Europe but our benchmark should be the US and if Britain had as many female entrepreneurs as the US we would be about level with the most enterprising nation in the world."

The enterprise strategy will be aimed at women who are either young, out of a job, from an ethnic minority or eager to work after having children. Mothers using children's centres will also be targeted with business advice.

News Source:
http://www.telegraph.co.uk/