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6/1/2010

1. Payday loan reform passes Illinois Senate
   Assistant Senate Majority Leader Kimberly A. Lightford (D-Maywood) advanced legislation through the Illinois Senate this week that will protect consumers by placing much tighter regulations on the payday loan industry.
   (Published: Thu, 13 May 2010 02:49:03 -0700)

2. Consumers looking for help via payday loan better think twice
   When William Lee took out a $250 payday loan through an online outfit, he figured hed have to pay back $280 -- the money he received plus interest or fees. Lee was shocked to learn he owed $400.
   (Published: Thu, 20 May 2010 00:50:39 -0700)

3. Payday lending blossoms in Janesville
   While most lawmakers say its a step in the right direction, consumer advocates say Wisconsins pending payday loan legislation doesnt go far enough to free borrowers from a cycle of debt anchored by sky-high annual interest rates.
   (Published: Sun, 09 May 2010 14:04:10 -0700)

4. Payday Lending Draws Interest From Lawmakers
   Making short-term loans to low-income people is big business. Critics say payday lenders take advantage of desperate people with extremely high rates. But operators say the stores help people get through short-term financial emergencies.
   (Published: Fri, 28 May 2010 03:50:29 -0700)

5. Special meeting today on payday loan firms, pawn shops
   Possible restrictions on new payday loan and pawn shops in Des Moines will be discussed in a special meeting today at 4 p.m. at City Hall.
   (Published: Thu, 13 May 2010 08:09:28 -0700)

6. Be cautious about payday loans
   For many consumers, the payday loan ends up as a debt trap.
   (Published: Sat, 29 May 2010 22:18:47 -0700)

7. In Which States Are Payday Loans Still 'Legal'?
   read more
   (Published: Thu, 27 May 2010 04:06:13 -0700)

8. Online payday fees could be higher
   For many consumers, the payday loan ends up as a debt trap. Take a legitimate 14-day advance for $100. If the fee on that advance is $15, the Federal Trade Commission notes, the consumers cost is comparable to an annual interest rate of 391 percent on a short-term loan. Under fed...
   (Published: Sat, 29 May 2010 21:16:35 -0700)

9. In Which States Are Payday Loans Still 'Legal'?
   Payday loans are not legal in all states. Some states they are legal, some they are prohibited, and in some states they are legal but there are limits and restrictions on the payday lenders.  Below is a summarized  version of that article:
   (Published: Thu, 27 May 2010 04:00:00 -0700)

10. Payday loans feeling squeezed
    Industry lobbying against limits on borrowing, other restrictions Greg Burns: The controversial payday loan industry is under fire as financial reform lurches toward a messy conclusion on Capitol Hill. Payday loans occupy a special corner in the punishment cell of consumer protection -- the business has boomed for more than a decade, despite near-constant complaints.
    (Published: Sun, 16 May 2010 20:11:38 -0700)