Recent Posts in News Category

News sources are buzzing across the nation now that banks have decided to extend payday loans to consumers.  However, even though these loans are similar to payday loans, banks are marketing them under a different name - direct deposit loans.  Banks say that their loans are intended for emergencies only and allow their customers to borrow up to a certain amount against their paychecks for a fee.

Even though these loans are being marketed as "different", the purpose remains the same.  Consumers can take out cash loans when they are short on money and in return, they must pay back what they owe plus a fee as determined by the lender. 

However, one major disadvantage is that consumers will have to visit the bank to take out a direct deposit loan.  With other lenders, like ConnectedCommunities, consumers can take out payday loans by simply filling out an online application.  This means they don't have to leave their homes and can get the money they need within 24 hours.  For many, this process is far more convenient and quick.

In the United States, there is a war going on that revolves around "payday loans".  It appears banks and large financial institutions are at-odds with consumer advocate groups.  Lenders want to keep offering payday loans, but under the guise of "direct deposit advances", to people who need them most, whereas consumer advocate groups feel these loans lead to individuals incurring excessive debt.

Similar to payday loans, direct deposit loans will provide consumers with emergency cash when they need it.  Usually, people will seek these loans in-between paychecks when money is known to get tight.  The day people get paid after taking out loans, banks will take what they are owed plus fees out of their bank accounts. 

However, despite the seamlessness of the transactions, consumer advocate groups say these new cash loans present credit risks to consumers, especially those who get subsequent loans.  They are lobbying for OCC restrictions, but banks say such regulations are not necessary as they are providing a service that many Americans need to survive financial hardships in today's tough economy.

Are you in need of a payday loan because you are facing a financial challenge?  If so, avoid waiting in line at the bank and apply for your payday loan online now and get the cash you need within 24 hours.

Some counties in California have already banned the practice of payday loans, and San Mateo County could soon join them.

According to Rose Jacobs Gibson, a San Mateo County supervisor, payday loans affect those who are already strapped for cash, making their financial circumstances more difficult. Gibson states that, "It doesn't do us much good if we don't have somewhere else for people to turn. Those who use them are needing immediate cash and we can't leave them with no option at all."

Although no definite plans have been made regarding an alternative, Gibson and others have discussed the possibility of legal aid for those who are suffering financially. In the meantime, Gibson is publicly opposing a current state bill that could increase the limit that payday loans lenders could provide in the future.

If you're in need of a payday loan, now is the time to look into the services offered by ConnectedCommunities.  With our services, you simply fill out an application over the computer and learn if you are approved within seconds!

Members of the Texas House are working on a new bill that would directly affect the payday loans industry.

This new bill, sponsored by state Rep. Vicki Truitt, R-Keller, is designed to curtail the efforts of the short-term credit industry. Many have come to disparage the industry, saying that it preys on those with poor financial histories, often putting them into more debt than they can handle. To counteract this, the bill would require lending agencies to provide more information to their customers about fees and interest rates associated with payday loans. The bill would also force these agencies to inform customers about other methods of credit.

Rep. Gary Elkins, R-Houston, said that the bill would put an undue burden on smaller credit-extending agencies. Elkins himself owns a payday loan business in the state of Texas.

In need of a payday loan?  Apply online to get the funds you need from the convenience of your own home.

Good news for those with financial problems in New York: check-cashing centers may soon be allowed to provide short-term payday loans as well.

If the banking committees in the Senate and Assembly push through a new bill, these centers will be able to help those who would not be able to use banks to secure loans. The bill would give check-cashers a profit for each payday loan issued; the interest rates would vary but could reach around 25 percent.

Critics of the bill state that this would cause more problems in the long-run. Although there are currently 15 senators who are in support of the bill, it seems that nobody other than the check-cashing industry is actually in favor of it. One group, New Yorkers for Responsible Lending, has already taken a serious stand against the bill.  Despite the stance, the need for short term loans is evident.

Get the money you need today by applying for a payday loan online!

If a new proposal makes its way through the state Assembly in California, the cap on payday loans could increase.

That is great news for people who need payday loans. When you use a payday loan, you are borrowing against your future paycheck; basically, you are using your own money, just ahead of time. However, you must pay interest on the amount that you borrow, sometimes as much as 460 percent annually, which can leave you in even more debt if you are not careful.

The current cap in California is $300; Assemblyman Charles Calderon has proposed to raise it to $500 this year. Tom White, Whittier's chief of staff, added that: "People don't have access to money often any other way than a product like this [...] they either can't qualify for a credit card or banks don't lend this amount of money generally."

Texas is one of six states that do not regulate payday loans.  This means that the lender's fee for the loan is not considered interest according to Texas state law.  As with some payday loans, the lender will allow the borrower to extend their payment period if need be.  This comes with a catch, though.

This allows the lenders to rack up high annual percentage rates until the loan is paid off in full.  Texas lenders have mentioned that they continuously have to extend their borrower's what-was-supposed-to-be short term loan.

The Senate Committee on Business and Commerce have already met to decide whether to pass a bill to regulate payday loans and interest in Texas.  The bill was sent back and is currently being reworked by state Sen. Wendy Davis, a Democrat from Fort Worth, Texas.

Payday loans can be a confusing subject, especially if you are in a hurry to get cash now.  The  application process is simple, and you could have the money you need within 24 hours. 

Check the local requirements for the state you reside in and apply online today!

In Seattle, Washington, it has been reported that a woman from King County has decided to take her issues against a payday loan company to court.  She claims that, at one point, the company charged her 1,052% interest on her loan.  She also asserts that due to the laws that were passed in the state last year, the company violated interest rate caps.

In her lawsuit, the plaintiff says Cash 1 and Retail America tried to maneuver around laws by selling supermarket gift cards.  The company then told consumers to use the gift cards as prepaid debit cards.  She says that instead of selling gift cards, the company was actually selling payday loans and charging excessive interest.

According to the woman, she purchased an $850 gift card and has paid back $600.  However, the company told her she still owes them $600 in principal and $1,520 in interest and fees.  That means on an $850 loan, she winded up with a $2,700 bill.

A non-profit in the area has decided to help the woman with her case.

If you're looking to obtain a payday loan at a reasonable rate, apply online now to get the money you need within 24 hours time.

In Des Moines, it has been reported that several consumer advocate groups decided to rally to urge state legislators to put a cap on interest added to payday loans.

The people involved in the rally urged congress to cap the interest rate at 36%.  At this time, 36% is the maximum interest rate that lenders, banks and credit unions are allowed to charge consumers who obtain payday loans.

In the area, several consumers say that they count on payday loans to make ends meet, especially during tough economic times.  They said that payday loans allow them to get the cash they need quickly and as long as they are responsible with the loans, they are able to avoid financial hardships.

One local payday loan store manager said, "On the short term we really do help a lot of people out."

Do you need a payday loan to make ends meet until your next paycheck?  If so, apply online now to get the money you need fast.

This month, the Montana Supreme Court has ruled that a proposal to cap interest rates charged on payday loans and title loans will remain on the scheduled November ballot.

Recently, the Supreme Court turned down a request from the Montana Consumer Finance Association and the treasure of the group who are opposing to strike Initiative 164 from the state ballot.  If the ballot is approved by voters throughout Montana, Initiative 164 would cap interest rates charged by lenders at 36%.

With a 4 - 2 vote, the court decided it was appropriate to allow the initiative to appear on the ballot, but made slight revisions to the for-and-against statements and the statement of purpose on the ballot.

Justice Brian Morris wrote, "The attorney general acted within his considerable discretion in drafting the ballot statements and fiscal statements for I-164."

If you are in need of a payday loan, do not hesitate to complete our online application to get the money you need until your next payday.

In the state of West Virginia, Attorney General Darrell McGraw announced that eight companies would be sued for offering Internet payday loans that were considered illegal.  McGraw is demanding that the companies stop all lending at this time.

A lawsuit that has been filed in Kanawha County Circuit Court also asked the judge to order the companies to give up records of their accounts in the state of West Virginia.  At this time, Attorney McGraw said that all of the companies have refused to cooperate with his investigation.

Usually, payday loans are made for 14 days with interest. In West Virginia, the law prohibits any interest rates that exceed 18% on consumer loans.  McGraw says that the individuals and companies that are being targeted are located in Arizona, Delaware, Florida, South Dakota and California.  Since 2005, he has settled lawsuits with 107 payday lenders who were engaged in illegal practices.

In order to avoid illegal lending and scams, it is advised that consumers work with a trusted company such as ConnectedCommunities.  If you are in need of a payday loan, apply online today to get the emergency funds you need to your next payday.

According to Consumer Focus, the number of people that have taken out payday loans has quadrupled since 1996.  The financial watchdog finds this information to be very interesting due to the interest rate on these types of loans.

Now, the organization is asking the industry to introduce safeguards which may protect borrowers.

''Payday loans are a valid form of credit," said Sarah Brooks, head of financial services at Consumer Focus.  She went on to say, "But we do think there needs to be a limit on the number of loans people take out and how many loans they are able to roll over."

According to the group, their research shows that 1.2 million people are taking out at least one payday loan every year.  The group reiterates that for many people, payday loans are a quick and efficient way to obtain much-needed funding and if paid back immediately, Consumer Focus says that this type of lending may be cheaper than paying an overdraft fee or even interest on a credit card.

In need of a payday loan?  Get the money you need by completing our online application today!

In the state of Arizona, Advance America had announced that it would be closing down 47 loan centers.  It also said that it may lay off as many as 100 employees because it cannot afford to operate under the new Arizona laws.

On June 30, legislature expired that allowed loan centers to determine their own interest rates on payday loans.  Unless centers were willing to reduce their interest rates to 36% or less, they would risk going out of business.

According to Advance America's spokesman, Jamie Fulmer, the company cannot afford to operate under the new legislature.  He said, "This is a tough time to be losing your job [and] the government took a hand in losing your job."  When asked about payday loans, he told reporters these loans are, "the simplest, most transparent, most fully disclosed product in the marketplace."

Payday loans are small, 14 day cash loans that incur interest over time.  In order to apply for loans, borrowers must meet certain eligibility accounts and prove that they have steady fixed income.   

Get the money you need quickly by applying for a payday loan online!

On June 24^th in Washington D.C., it has been revealed that the Federal Deposit Insurance Corporation's (FDIC) Advisory Committee on Economic Inclusion will discuss their pilot program.  The meeting is public and will touch base on the results of the program that offered small dollar loans.

The small dollar loan program was a two year study that was conducted to see if financial institutions could offer short term cash loans in place of payday loans or overdraft-programs that have hefty fees.  28 banks participated in the pilot program and had assets ranging from $28 million to $10 billion.  They offered small dollar loans up to $2,500 with an annual interest rate no less than 36% with a repayment period of at least 90 days.

According to the FDIC, outside sources say that a total of $40 billion is issued annually in payday loans.  Additionally, there is $38 billion worth of overdraft fees incurred each year in the United States.

If you are in need of an immediate cash loan, get the money you need fast by applying for a loan online!

Recently, USA Today released a compelling study which states that the percentage of American's income derived from paychecks fell to the lowest numbers in U.S. history.  According to the study, the personal income derived from employer paychecks was at 44.6% in December of 2007.  Now, the percentage has dropped to 41.9% in 2010. 

With the decrease in personal income and unemployment rates being at an all-time high, more and more Americans are choosing to seek cash loans to make ends meet.  A cash loan is a short term loan that is meant to provide people with the monetary fund they need quickly.  People who obtain these types of loans can then pay back lenders when they receive their next paychecks from their employers.  When people find that they are facing financial hardships, a cash loan can be a real life saver.

If you are currently contending with financial difficulties and would like to secure a cash loan, apply for a loan online and get the cash you need now.