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payday lending

April 20, 2016

There is plenty in the CFPB's new report on payday lending that re-iterates why it is important to have a strong payday rule. But perhaps the most interesting part is how it reveals the ways that banks are complicit in trapping consumers in the cycle of debt.

February 1, 2016

There are several flavors of payday loans. They are all bitter, but some are not even legal.

June 10, 2014

The Community Financial Services Association ("CFSA") and Advance America have filed a lawsuit in the US District Court for the District of Columbia which challenges the FDIC, the Federal Reserve, and the Office of the Comptroller of the Currency over Operation Chokepoint.

November 19, 2013

Executives at Community Choice Financial, whose company is the corporate parent of Check$mart and also (through a convoluted definition of ownership) of Insight, made some interesting comments during last Friday's analyst call that reveal plenty about

November 12, 2013

Everyone knows that responses by NACHA, banks, and others to the recent action from regulators in New York have had the effect of crippling the online payday loan industry. But for the moment, the enforcements and letters in that work have created subsequent waves that will disrupt other elements within alternative financial services.

Online payday lending depends upon lead generation. The customer churn created by all of those destroyed household

April 17, 2013

Typical costs, both on an annual basis and on a per-loan basis, to operate a retail payday loan store:

  • wages: $77,015, $9.56
  • advertising: $10,836, $1.43
April 2, 2013

DFC Global, the parent of Dollar Financial and an international purveyor of payday loans, released the numbers on a poor third quarter. While investors focused on if Dollar can recover, the transcript from their investor presentation provides a few telling gems about the state of the payday industry. There is a lot of disruption in

March 21, 2011
The following account consists of the real words offered by a woman who fell into the payday lending trap. She took out a loan to pay for some medication. She could not scrape together the amount of her debt before her next pay check. She was left with no choice but to renew her
March 9, 2011

The Utah legislature has killed a bill that might have prevented consumers from falling into a debt spiral.

House Bill 113 considered the creation of a new database that would listed users of payday loans. Anyone with an outstanding loan, or in default on an existing loan, would have been

March 8, 2011

H&R Block's RACs selling briskly: H&R Block's update on its early season returns reported that it sold 4.6 million refund anticipation checks to its retail consumers during the first half of the tax season. Block had about 8 million retail returns through February 15th, so a back-of-the-envelope

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