Cheap Payday Loan Online

Contact

Cheap Payday Loan Online

PLWatch

The guys that write the "Payday Loan Industry Watch" run several online payday loan stores - I submit that is an extremely biased link and suggest it be removed.

I have written a third opinion on this issue here. --User:Krator (t c) 21:00, 27 May 2007 (UTC)

U.S. Centric

"...but in most states payday loans are legal..."

US-centric bias, should be fixed?

Seems OK to me. Kushal 06:45, 18 December 2007 (UTC) Never heard the term used outside the US. -- Kushal 12:54, 18 December 2007 (UTC)

Payday lending is also a major industry in Canada, Great Britain, and Australia. 65.32.184.120 (talk) 19:44, 14 July 2008 (UTC)

Payday defense

Payday Loans - Consumer Driven Industry Most editorial commentary is very biased about this service but it must fill a need or the industry would not work in a market driven economy. If there is NO need, then there are NO payday lenders.

You make the assumption that the need is organic; it is artificially created, nurtured and sustained. NoGutsNoGlory (talk) 00:48, 30 March 2008 (UTC)

On 5/18/05 there was a US network broadcast on 60 Minutes . In their editorial they blasted the payday loan industry, but anyone who knows about this service is VERY aware it's an emergency loan and should not be used for long-term usage. It is intended to help those in a bind and the fees are lower than bouncing a check at the bank or paying for overdraft protection.

The 60 Minutes article is/was a very subjective view of someone who thinks they know what's in the best interest of all consumers! What about all the people who use this service like it should be used? I know there are payday lenders who have honest and favorable comments published on their websites. For example, you can find positive comments from people that have benefitted from payday loans from www webcashadvance com/testimonials.html (URL broken to prevent SEO). The payday loan industry also had a professional organization CFSA where consumers can find out more from the positive point of view.

I think I agree that a lot of editorial material is biased against it. Alot of the information in papers and such are wrote by people who seemingly have no understanding of financing and basic economics. Is there any editor on this article who is actually in the lending industry or taken courses on banking? Or is this article being written off of snippets in the Times and 60 minutes?Cool10191 (talk) 16:24, 3 March 2008 (UTC)

Details of "illegal" payday lending

Payday lending isn't legal or illegal per se in various states, as I wrote in the article. It's a little more complicated than that. More precisely, most states have usury limits: hard interest rate caps calculated strictly by APR. Therefore, short term, low principal lending in general is highly unprofitable in those states; even states with loose usury limits like Colorado (45%) aren't even close to what a payday lender needs to operate.

"Rate exportation" is the mechanism by which payday lenders can operate profitably in all states. Rate exportation works like this: by funding loans from an out of state bank, the transaction is governed by the rules of the state that bank is chartered in. Rate exportation was established by the unanimous 1978 Supreme Court ruling Marquette v. First of Omaha, 439 U.S. 299. This is the same mechanism by which credit card issuers in South Dakota and Delaware-- states that abolished usury limits decades ago-- can still offer credit cards to anyone nationwide.

I think this nuance is worth mentioning, but I'm not sure how to express it simply and concisely. It's a bit convoluted! Matt Fitzpatrick 06:43, 26 July 2005 (UTC)

Conflict of Interest flags for CFSA pr firm

Please note that Special:Contributions/209.183.197.163 traces to Dezenhall Resources, a Washington DC PR firm hired by the payday loan industry to advance its interests. Please see conflict of interest for more information on advertising and paid edits, along with visiting dezenhall.com or SourceWatchto view their particular strategies. Flowanda 03:04, 17 May 2007 (UTC)

Content removal -- please discuss

Content concerning collection issues was recently removed/edited, and I'd like to start a discussion here about its relevance. The information was adequately sourced, but the source was a four-year old document from house.gov. Content was added and deleted by Special:Contributions/65.201.145.186, which resolves to a Check into Cash IP. Here's the content before: "In many instances the payday lender can use aggressive collection practices that include threatening criminal prosecution for writing a bad check—despite the fact that lenders routinely accept post-dated checks drawn on accounts that have insufficient funds." Source (removed tags): http://www.house.gov/apps/list/press/ba31_democrats/PYDY0319.html U.S. House of Representatives Committee on Financial Services Democratic Office. And the edited content: "A payday lender can only legally use collection industry standard collection practices. These do not include threatening criminal prosecution for writing a bad check." Flowanda | Talk 00:53, 17 August 2007 (UTC)

Facts of repayment

The article reads, "Most payday borrowers pay back the loan when due."

This sounds like it is from the industry - shoudln't there be a source for this? For some reason, I doubt that most pay back the loan when due.

Obviously most pay it back when due, otherwise the payday lenders would all go bankrupt. Usually the consumer has to show a paystub or some sort of proof that they are getting money to cover the check they are writing. So it pays off. hen due and must either default or “roll over” the loan."

Could we move this back to the article? The talk page is meant to discuss the article, not the subject, the industry/competitors or debates that constitute original research. If information in the article needs to be changed or better sourced, then what needs to done next? Flowanda | Talk 00:29, 3 March 2008 (UTC)

revert by Flowanda

I am not sure what the problem was, and the line in the change history ("Rem comm links/info rem. bef") makes no sense to me. I am guessing that "comm links" are commercial links, and that perhaps the problem was my link to Wells Fargo, to describe their direct deposit advance program. I've replaced that with a link to a newspaper story about them; that actually seems less credible, but perhaps fixes the problem.

I'm not sure why the rest of my changes were reverted. Some of them were just formatting changes, for broken references. If anyone sees a problem, then please let me know, rather than just reverting. 24.91.134.90 22:43, 9 September 2007 (UTC)

Has anyone looked at the actual edits made by myself and this editor? And the history of this page edits? And the relationship to what's being added again, complete with links not related to the article cited, but thankfully have all the registered trademarks listed? Please note that I did not use the same definitions as this anonymous IP editor did concering "revert", and I do not agree with the descriptions of the edits under discussion. And, by the way, "working paper", what does that mean? Anyone want to stroll through WP:RS on that one? Flowanda | Talk 04:09, 10 September 2007 (UTC)

Resources and research that need discussion and better sourcing

These resources added to an external links section are all linked to a trade association website; I moved them here to discuss their use as resources/references and, if so, to find direct links:

http://www.cfsa.net/downloads/Veritec%20White%20Paper%20Analysis.pdf -- Veritec Solutions Critique of Center for Responsible Lending's Financial Quicksand Report
http://www.cfsa.net/downloads/Federal%20Reserve%20Bank%20of%20New%20York%20Defining%20Predatory%20Lending.pdf -- Federal Reserve Bank of New York Staff Report on Predatory Lending
http://www.cfsa.net/downloads/HUCKSTEP%20JCI4%20FJCFL%20XII.1.pdf -- Fordham Journal of Corporate and Financial Law report on Payday Lending Profits
http://www.cfsa.net/downloads/Low_Cost_Payday_Loans_Opportunities_%20and_Obstacles.pdf -- Annie Casey Foundation Study: Payday Loans-Opportunities and Obstacles
http://webreprints.djreprints.com/1680840349966.html -- Wall Street Journal , Mayday for Payday Loans

The Vertitec study should probably be considered as biased as any of the others (pro and con) listed on the main article page since the study was conducted by a for-profit company that serves the payday lending industry. Veritec Solutions is a "regulatory services company" -- its website says state agencies are its customers and not payday lenders, but states that use it as a vendor require payday lenders to be licensed through Veritec and pay fees

Cheap Payday Loans Online

We can help you find affordable payday loans online. Learn how to get matched with a lender for free here.

...

Finance Loans, Find and compare cheap online loans

Welcome to our Online Loans and Finance Portal. Our free knowledge base includes a growing ... and unsecured personal loans, specified Auto Loans, and quickly approved Payday Loans.

...

Long Term Payday Loans, No Fax Payday Loan

Get A Cheap Payday Loan Online - Ten Dollar Payday Loans Fast Online Applications.

...

Cheap Payday Loans : Payday Loan Online - No Fax Payday ...

Online payday loans service - borrow up to $1500 in 1 hour. We offer cheap payday loans - one of the lowest interest rates in industry. Get instant payday loan quickly! Fast and ...

...

Payday loans | Cheap Payday Loans | Cheap Loan Till ...

So what exactly is the Cheap Payday Loan? This actually works as a no faxing 100 percent online payday loan for a salaried person; this means that, when you are in a situation like ...

...

Payday Loan Online, Advance Till Payday

Apply for a payday loan here and you will get pre-approved cash advance offers from our network of quick cash lenders. Our instant payday loans require no guarantees - you can get ...

...

Cheap Faxless Payday Loan, Cash Til Payday Loan

Cheap and easy cash option when you need cash immediately. Apply online for our faxless payday loans and you can get up to $1000 without any questions asked. Apply for quick cash ...

...

Online Payday Loans

Online Payday Loans. No Fax Payday Loans Online. Blog About ... This will enable us to provide cheap loans that will help us create a fast growing ...

...

Payday Loan - Instant Payday Cash Loans

A cash advance can help you get the money you need until your next payday advance cash loan. Get quick cash online from the best cash online!

...

Cheap Payday Loans | Cash Advance | Bad Credit Payday ...

Many salaried individuals in the US go for cheap payday loans online. Amongst all the online payday loan arrangers, we enable you to avail best payday loans online.

...