Posts Tagged ‘legislative’
Redefine Predatory Lending
It seems as if all Payday Loan companies and sites have been labeled as Predatory Lenders regardless of business practices.
Payday Loans – Class Action Lawsuits
The state of Wisconsin District 3 Court of Appeals ruled that payday loan lenders cannot require their customers to waive their ability to be part of a class action lawsuit as criteria to receive a loan from their establishment. It was stated by the courts that this would be a violation of the Wisconsin Consumer Act, as the ability to join a class action lawsuit is one of the few ways available to consumers to protect themselves from unfair business practices.
New Credit Card Law, Same old failing system
Consider a sub-prime credit card that now comes with a 59.9 percent interest rate. The lenders serving risky borrowers say high fees and interest rates are necessary because their customers are more likely to default on loans. Restrictions on what they charge could put them out of business, and leave the neediest with no options at all, they say.
Payday Loans Strong In Ohio
The General Assembly, left and right wing alike allow payday lenders to continue business as normal. *Gasp* 391 percent… shocking. Get a grip. I find it funny that legislators are still trying to pull the proverbial wool over the general public’s eyes with these large percentage numbers. These numbers are less than what you pay for overdrawing your checking account.
