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
Thursday, March 27, 2008
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/
Thursday, February 21, 2008
Letters, faxes, and e-mail
The editorial "Preying hands" (The News, Saturday) erroneously blasted the payday-loan industry for practices involving Social Security and other government benefit recipients that not only do not happen but are also illegal. This response is an effort to explain the truth about payday lenders to The News and its readers.
The News claimed payday lenders "have (customers' Social Security or government) checks deposited in a friendly bank, which in turn will transfer the money to the payday-loan shops." This does not and cannot happen. It is against the laws that govern payday lending, and any cash-advance lender participating in such a program could have its license revoked and be subject to heavy fines under Alabama law and Alabama Banking Department regulations. Payday lenders make cash loans of up to $500 with the customer using a personal check as collateral. At the end of the 10- to 31-day loan, a cash-advance customer either returns to repay the loan or his personal check is cashed.
To back up the false claim, The News used a customer story pulled directly from another publication. That story deals with a store that is not a payday lender. The store mentioned is a consumer-finance lender, meaning it operates under a totally separate set of laws in Alabama than payday lenders. Because of this error, the entire premise of the editorial is off base, and the opinions are rooted in falsehood rather than fact.
The editorial also mentioned Borrow Smart Alabama, a program that brings together payday and title lenders in an effort to better educate the public about the important service they provide in the state and to educate the consumer on the wise use of these services. Members of Borrow Smart have agreed to a Code of Fair Lending to protect customers.
News Source:
http://www.al.com/
The News claimed payday lenders "have (customers' Social Security or government) checks deposited in a friendly bank, which in turn will transfer the money to the payday-loan shops." This does not and cannot happen. It is against the laws that govern payday lending, and any cash-advance lender participating in such a program could have its license revoked and be subject to heavy fines under Alabama law and Alabama Banking Department regulations. Payday lenders make cash loans of up to $500 with the customer using a personal check as collateral. At the end of the 10- to 31-day loan, a cash-advance customer either returns to repay the loan or his personal check is cashed.
To back up the false claim, The News used a customer story pulled directly from another publication. That story deals with a store that is not a payday lender. The store mentioned is a consumer-finance lender, meaning it operates under a totally separate set of laws in Alabama than payday lenders. Because of this error, the entire premise of the editorial is off base, and the opinions are rooted in falsehood rather than fact.
The editorial also mentioned Borrow Smart Alabama, a program that brings together payday and title lenders in an effort to better educate the public about the important service they provide in the state and to educate the consumer on the wise use of these services. Members of Borrow Smart have agreed to a Code of Fair Lending to protect customers.
News Source:
http://www.al.com/
Wednesday, February 13, 2008
Employee who took cash escapes jail
A FINANCIAL employee who swindled more than £3,000 from his customers has escaped jail.
Phillip Cartwright was in charge of cash loans at his work for Provident Personal Credit, but began using his customers' repayments to pay off his own debts, Peterborough Crown Court heard.
The 35-year-old would even pocket cash rewards meant for customers who had settled their loans early.
Cartwright, of Vicarage Close, Cowbit, near Spalding, pleaded guilty to three counts of theft, four counts of fraud through abuse of position and three charges of deception.
In total he stole £3,190, though that had reduced to £2,178 after he paid some money back to the company he had worked for
since February 2003.
The court heard he had taken the cash in a bid to pay off the £10,000 of debt he had built up with his wife. He had sold his car for £750 and was using that money to pay back the Provident.
Judge Patrick Moloney QC passed a two- year prison sentence for each of the counts, suspended for two years. Cartwright was also ordered to carry out 200 hours of unpaid work and attend a five-day debt and financial workshop. He is paying all of the stolen money back at a rate of £80 a month.
Judge Moloney said: "It's a very unpleasant crime. The court is sorry to see a man of good character give way to temptation.
"It's a dreadful thing to rob the people you were working with, they were poorer than you and you were taking £50, £100, £200 from them.
"I could easily send you to prison for two or three years if I wanted to. I hope this will be one stupid mistake."
News Source:
http://www.peterboroughtoday.co.uk/
Phillip Cartwright was in charge of cash loans at his work for Provident Personal Credit, but began using his customers' repayments to pay off his own debts, Peterborough Crown Court heard.
The 35-year-old would even pocket cash rewards meant for customers who had settled their loans early.
Cartwright, of Vicarage Close, Cowbit, near Spalding, pleaded guilty to three counts of theft, four counts of fraud through abuse of position and three charges of deception.
In total he stole £3,190, though that had reduced to £2,178 after he paid some money back to the company he had worked for
since February 2003.
The court heard he had taken the cash in a bid to pay off the £10,000 of debt he had built up with his wife. He had sold his car for £750 and was using that money to pay back the Provident.
Judge Patrick Moloney QC passed a two- year prison sentence for each of the counts, suspended for two years. Cartwright was also ordered to carry out 200 hours of unpaid work and attend a five-day debt and financial workshop. He is paying all of the stolen money back at a rate of £80 a month.
Judge Moloney said: "It's a very unpleasant crime. The court is sorry to see a man of good character give way to temptation.
"It's a dreadful thing to rob the people you were working with, they were poorer than you and you were taking £50, £100, £200 from them.
"I could easily send you to prison for two or three years if I wanted to. I hope this will be one stupid mistake."
News Source:
http://www.peterboroughtoday.co.uk/
Monday, January 7, 2008
Why Are Cash Loans Now Popular With Borrowers?
Today, everything runs on credit. People are willing to borrow money for meeting their trivial expenses also. With an increase in the number of borrowers, lenders have also increased. So has the competition amongst them to make their products more lucrative. The borrowers have lots of variety to choose from. The companies offer various products, like faxless payday loans, paperless loan, one-hour payday loans, and cash loans now etc.
Cash Loans Now, What Are They?
Cash until payday loan is unsecured short-term cash advances to meet the unanticipated expenses that cannot wait for the next pay check. They can be taken for 15 – 30 days’ duration and have to be repaid with the next pay check. They are cash until payday loan. They are an ideal solution for all financial emergencies.
Cash loans now have very simple eligibility criteria. If you are 18 years or more and have a steady job with a monthly income not less than $1000 with a valid bank account, you can apply for the loan. Before applying for the loan, it is better to do a thorough market research to get the best deal. Comparison of various lenders is possible online. This makes it easier to zero down on the lender, from whom you will get the best deal.
These loans can be applied online. There is no need to visit the lenders office for doing so. In addition, there is no need to submit any papers or documents. The loan is approved based on information supplied on the application form. The money is credited into the borrower’s bank account within 24 hours of applying. Many lenders credit money in less than one hour of applying.
Bad credit status of the borrower is not an issue while applying for the loan. This is because the loan is expected to be paid back with the borrower’s next pay check. That is why; they are also called cash till payday loan.
Advantages Of Cash Loans Now
# They are the quickest source of financial assistance in an emergency.
# Qualification criteria are very simple
# Entire process of procuring the cash loans now can be done online.
# Borrower does not have to do any paper work or submit any documents with the application form.
# Repayment is also easy. Instruction can be given to debit the borrower’s account on due date.
# Rolling over of the loan for another term is possible, if the borrower cannot repay on time.
These advantages make cash loans now a very attractive option to meet any sudden financial emergency the borrower is not prepared for.
Cash loans now help the borrowers to meet unforeseen cash expenses immediately, without having to wait for the next pay check. These are advances on their pay check for a small fee. They are popular by the names of cash till payday loan and cash until payday.
News Source:
http://www.americanchronicle.com/
Cash Loans Now, What Are They?
Cash until payday loan is unsecured short-term cash advances to meet the unanticipated expenses that cannot wait for the next pay check. They can be taken for 15 – 30 days’ duration and have to be repaid with the next pay check. They are cash until payday loan. They are an ideal solution for all financial emergencies.
Cash loans now have very simple eligibility criteria. If you are 18 years or more and have a steady job with a monthly income not less than $1000 with a valid bank account, you can apply for the loan. Before applying for the loan, it is better to do a thorough market research to get the best deal. Comparison of various lenders is possible online. This makes it easier to zero down on the lender, from whom you will get the best deal.
These loans can be applied online. There is no need to visit the lenders office for doing so. In addition, there is no need to submit any papers or documents. The loan is approved based on information supplied on the application form. The money is credited into the borrower’s bank account within 24 hours of applying. Many lenders credit money in less than one hour of applying.
Bad credit status of the borrower is not an issue while applying for the loan. This is because the loan is expected to be paid back with the borrower’s next pay check. That is why; they are also called cash till payday loan.
Advantages Of Cash Loans Now
# They are the quickest source of financial assistance in an emergency.
# Qualification criteria are very simple
# Entire process of procuring the cash loans now can be done online.
# Borrower does not have to do any paper work or submit any documents with the application form.
# Repayment is also easy. Instruction can be given to debit the borrower’s account on due date.
# Rolling over of the loan for another term is possible, if the borrower cannot repay on time.
These advantages make cash loans now a very attractive option to meet any sudden financial emergency the borrower is not prepared for.
Cash loans now help the borrowers to meet unforeseen cash expenses immediately, without having to wait for the next pay check. These are advances on their pay check for a small fee. They are popular by the names of cash till payday loan and cash until payday.
News Source:
http://www.americanchronicle.com/
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