loans to desperate borrowers of up to £1,000, but which often result in the addition of hundreds of pounds as interest. This particular service is only available to UK residents.
The company, run by Northway Broker Ltd, makes 31-day loans with an attached fee of £29.98 for every £100 borrowed, which is to be paid in full upon the loan’s repayment.
While it appears there is nothing illegal about the business, which is licensed by the Malta Financial Services Authority (MFSA) to provide money broking services, the operation is certainly not short of criticisms.
Loans are granted for a maximum 31-day period and on the date the loan is to be repaid, the company directly debits the loan amount plus fees from the loan recipient’s bank account. A client’s first loan limit is capped at £200, after which one can borrow up to £1,000, as soon as the first loan is repaid.
Eligibility for the costly loans is simple: one must be 18 years old, reside and be employed in the UK, have your salary paid directly into your bank account, and have a minimum take-home pay of £333.50 per month.
According to the MFSA, the company was licensed in Malta in 2005 to “carry out the business of lending, specialising in short-term unsecured loans known as payday loans”. A second financial institution licence was also issued to Northway Broker Limited to carry out the business of money broking.
Both institutions are subsidiaries of Northway Financial s.a.r.l., a company based in Luxembourg, which in turn forms part of the Canadian NDG Group. The NDG Group was founded in 1995 and specialises in providing unsecured short-term loans over the Internet to US, Canadian, Irish and UK consumers. Since then, Australian consumers have also been added to the growing list – through a company called Payday Mate, which offers the same conditions as Pounds Till Payday and is also operated out of an office in Sliema.
In addition to Malta, the company has three other operating locations in Canada and one in Dublin.
The website of the Pounds Till Payday, based on the eighth floor of the Plaza Centre, states, “Since its inception in 2005, Northway Broker Ltd is increasingly holding various brands well-known in the international money lending industry. From its office in the buzzing heart of Sliema, core activities carried out are the provision of excellent customer care services to its clients and customer base in Europe and North America, as well as extensive back office duties related to the online money lending process.”
Internet consumer fora however, are rife with criticisms of the business including warnings each time the NDG Group sets up another business, while a report on the phenomenon in the British press recently likened such companies, singling out Pounds Till Payday, to loan sharks.
News Source : http://www.independent.com.mt/
Wednesday, May 28, 2008
Wednesday, May 21, 2008
Personal loan rates up 1%
Research by moneyexpert.com reveals the average rate for a £5,000 loan is now 10.16 per cent compared with 9.45 per cent in November 2007, while the average rate for a £7,500 loan has increased by 0.91 per cent to 8.88 per cent, compared with 7.97 per cent in November 2007.
The credit crunch is not only making personal unsecured loans more expensive, but also harder to come by as lenders become more picky about who can borrow.
Some 1.38 million people have had loan application turned down in the past six months.
Sean Gardner at MoneyExpert said: "The Bank of England has a battle on its hands to restore confidence in the credit markets when lenders react to three rate cuts totalling 0.75 per cent by actually increasing rates.
"The unsecured loans market is almost mirroring the mortgage market where the issue is not so much rates but availability - whether or not lenders will let you have the cash."
However, Mr Gardner added creditworthy customers can still access competitive deals and borrowers should research the market carefully before making an application.
"And you will pay lower rates on average if you borrow more," he added.
"Lenders take the view that those borrowing more are generally a better risk than those borrowing less and offer better deals as a consequence."
The best deals for a loan of £5,000 is with Your Personal Loan, which is only available to homeowners, at 6.9 per cent or Wesleyan Personal Loan at 7.4 per cent and Moneyback Loan at 7.9 per cent.
At £7,500 the most competitive deals include ASDA Personal Loan at 6.9 per cent or Tesco and Moneyback at 7.2 per cent.
These compare with the worst rates on the market of 29.9 per cent on a Citi Financial Loan and others charging 13.4 per cent and 16.9 per cent on £5,000 loans while at £7,500 rates go to between 10.9 per cent and 11.9 per cent at the top end.
news source : http://www.myfinances.co.uk/
The credit crunch is not only making personal unsecured loans more expensive, but also harder to come by as lenders become more picky about who can borrow.
Some 1.38 million people have had loan application turned down in the past six months.
Sean Gardner at MoneyExpert said: "The Bank of England has a battle on its hands to restore confidence in the credit markets when lenders react to three rate cuts totalling 0.75 per cent by actually increasing rates.
"The unsecured loans market is almost mirroring the mortgage market where the issue is not so much rates but availability - whether or not lenders will let you have the cash."
However, Mr Gardner added creditworthy customers can still access competitive deals and borrowers should research the market carefully before making an application.
"And you will pay lower rates on average if you borrow more," he added.
"Lenders take the view that those borrowing more are generally a better risk than those borrowing less and offer better deals as a consequence."
The best deals for a loan of £5,000 is with Your Personal Loan, which is only available to homeowners, at 6.9 per cent or Wesleyan Personal Loan at 7.4 per cent and Moneyback Loan at 7.9 per cent.
At £7,500 the most competitive deals include ASDA Personal Loan at 6.9 per cent or Tesco and Moneyback at 7.2 per cent.
These compare with the worst rates on the market of 29.9 per cent on a Citi Financial Loan and others charging 13.4 per cent and 16.9 per cent on £5,000 loans while at £7,500 rates go to between 10.9 per cent and 11.9 per cent at the top end.
news source : http://www.myfinances.co.uk/
Thursday, May 15, 2008
Cash loan stores too close for comfort
Fearing more cash loans stores could pop up around town, city council considered a proposal Monday evening to restrict the businesses' growth and locations.
The plan would limit the number of stores to one per every 10,000 residents and restrict them from being closer than 1,000 feet apart.
"Restricting pay-day lending would undermine the principles of freedom of choice which is at the foundation of our country," said Hugh Utterback, who owns two Capital Cash Advance stores in the area. "Who will help people who find themselves short on cash if pay-day lenders are not there to provide short-term loans?"
Several residents who had taken loans spoke out in favor of the proposal.
"Having suffered through having to repay, I think $15 on a $100 (loan) is highway robbery," said C.J. Rains of Cuyahoga Falls.
Council members did not vote on the issue but could the next time they meet.
Still, Utterback hopes they consider the customers who benefit from the cash loans before making a blanket decision.
"The PayDay loan industry would not exist if people did not use and want it," he said.
news source : http://www.wkyc.com/
The plan would limit the number of stores to one per every 10,000 residents and restrict them from being closer than 1,000 feet apart.
"Restricting pay-day lending would undermine the principles of freedom of choice which is at the foundation of our country," said Hugh Utterback, who owns two Capital Cash Advance stores in the area. "Who will help people who find themselves short on cash if pay-day lenders are not there to provide short-term loans?"
Several residents who had taken loans spoke out in favor of the proposal.
"Having suffered through having to repay, I think $15 on a $100 (loan) is highway robbery," said C.J. Rains of Cuyahoga Falls.
Council members did not vote on the issue but could the next time they meet.
Still, Utterback hopes they consider the customers who benefit from the cash loans before making a blanket decision.
"The PayDay loan industry would not exist if people did not use and want it," he said.
news source : http://www.wkyc.com/
Wednesday, May 7, 2008
Cash Loans Available For Lawsuits
In a world where legal action and lawsuits abound, there is cash relief for victims of car accidents, personal injury, workers compensation, etc. in the form of a cash loan against their pending lawsuit.
A cash loan offers plaintiffs a way to finance their day to day living expenses with cash they will eventually claim against the outcome of their settlement. Many times those injured in accidents are the sole breadwinners. When their health and mobility is compromised, they’re unable to pay their bills.
Their options are limited: they could borrow from the bank, but the bank expects a monthly payment on a cash loan; they could max our their credit cards, but still, a check needs to be sent every four weeks to cover the costs; they could get a cash loan from friends and family, but that has the capacity to strain long-formed relationships. When there is no money to make monthly payments, plaintiff’s lapse into a crisis situation where a cash loan is essential!
When a cash loan is needed, help is available. By taking a cash loan against their pending lawsuit, plaintiffs can ease the strain of financial burden and not be out of pocket with money they don’t yet have! Best of all, the cash loan is non-recourse. If the plaintiff doesn’t win their lawsuit, they don’t have to pay anything back.
For most plaintiffs, a cash loan has saved them from losing their homes, helped them pay their medical bills, and kept them out of bankruptcy. A cash loan against one’s lawsuit is a little known service and plaintiffs need to understand that there’s a place to turn in their time of need.
News Source : http://www.skynewswire.com/
A cash loan offers plaintiffs a way to finance their day to day living expenses with cash they will eventually claim against the outcome of their settlement. Many times those injured in accidents are the sole breadwinners. When their health and mobility is compromised, they’re unable to pay their bills.
Their options are limited: they could borrow from the bank, but the bank expects a monthly payment on a cash loan; they could max our their credit cards, but still, a check needs to be sent every four weeks to cover the costs; they could get a cash loan from friends and family, but that has the capacity to strain long-formed relationships. When there is no money to make monthly payments, plaintiff’s lapse into a crisis situation where a cash loan is essential!
When a cash loan is needed, help is available. By taking a cash loan against their pending lawsuit, plaintiffs can ease the strain of financial burden and not be out of pocket with money they don’t yet have! Best of all, the cash loan is non-recourse. If the plaintiff doesn’t win their lawsuit, they don’t have to pay anything back.
For most plaintiffs, a cash loan has saved them from losing their homes, helped them pay their medical bills, and kept them out of bankruptcy. A cash loan against one’s lawsuit is a little known service and plaintiffs need to understand that there’s a place to turn in their time of need.
News Source : http://www.skynewswire.com/
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
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
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/
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/
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