For the more than 12 million Americans who take out payday loans each year, the debt doesn’t end with their next paycheck. In fact, data from the Consumer Finance Protection Bureau shows that over 80% of payday loans are renewed within 14 days and the majority of these subsequent loansRead More →
The Select editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners. Giving season is good for the heart, but even during normal times it can take aRead More →
Utah high-interest payday loan companies say pandemic is hurting their already struggling industry – where nearly one in three stores have closed in a four-year crisis amid tighter regulations . Critics say government aid for coronaviruses may have reduced the need for such loans. As the surviving loan stores tryRead More →
Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners. Millions of Americans are struggling to make ends meet. According to a survey from the First NationalRead More →
Sunny became the latest high-profile payday lender to collapse in June following a wave of complaints over the mis-selling of short-term, high-cost loans Most victims will be left behind Half a million people whose loans were mis-sold by collapsed payday lender Sunny will only receive 1% compensation, administrators have warned.Read More →
Nebraska has become the latest state to cap interest rates on payday loans that consumer activists say are exorbitant and predatory. In Tuesday’s election, about 83% of Nebraska voters approved Initiative 428, which places a 36% annual limit on the interest payday lenders can charge. Previously, the average interest rateRead More →
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Getty Images Voters in Nebraska have chosen to enact a new cap on the cost of obtaining a payday loan. Initiative 428, which sought to limit annual interest charged on short-term payday loans to 36%, passed with an overwhelming majority of votes, with nearly 83% of voters approving the measureRead More →
Voters in Nebraska overwhelmingly supported a voting initiative on Tuesday that caps payday loan rates at 36% statewide, even though federal legislation restricting these high-cost loans remains at a standstill. About 83% of voters in Nebraska approved Measure 428, according to the Secretary of State for Nebraska, who provides electionRead More →