Payday loan middlemen face crackdown

Thousands of payday loan middlemen face tough new rules after the City watchdog highlighted “blatantly unfair” treatment of customers.

Borrowers have complained about credit brokers taking fees without permission for “half-hearted promises” of payday loans.

 

Some have complained that they thought the brokers were, in fact, lenders.

The Financial Conduct Authority (FCA) said clear contracts must be made explaining fees that could be levied.

New rules, that come into force on 2 January, mean that credit brokers must give clear information to customers about who they are, what fee is payable, and how payment can be made.

In addition, seven brokers have been stopped from taking on new business while investigations into their actions take place. Another three have already been told they could face a fine or lose their licence to operate.

 

Owing to the swift rise of payday credit brokers, primarily online, and the number of complaints, the FCA said that it was bringing in the new rules without consultation with the industry.

“The fact that we have had to take these measures does not paint this market in a particularly good light,” said Martin Wheatley, chief executive of the FCA.

“I hope that other firms will take note that where we see evidence of customers being treated in a blatantly unfair way, we will move quickly to protect consumers from further harm.”

But the FCA said that the new rules would not come into force for a month, as tens of thousands of brokers needed to prepare for the new requirements. Read more….

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Western Sky Loans Consumer Complaints & Reviews

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Western Sky Loans is a Native America company dedicated to provide a wide array of loans. You can get unsecured loans from this firm and manage your life in a better way in times of need and crisis. By means of lending quick money, fast cash loans online, short term loans and emergency cash loans, Western Sky Loans enables you to come out of any financial problem in an easy way. It offers loans of up to $2,600 any time you want.

 

Personal loans are received without any security. You do not get this type of loans against any collateral such as a property or car. There are several businesses within the US that offer personal loans. What makes Western Sky Loans a better choice than other companies is the easy and quick process of getting these loans. Also, the flexible terms and conditions of this company make it a better choice when compared to other businesses that extend the same financial aid. You can get the loan proceeds into your account within a day which allows you to have quick cash without any hassle.  In order to have loan from Western Sky Loans, one has to be at least 21. You also have to have a checking account to apply for these loans. Western Sky Loans accepts loan applications from all residents of the United States. However, if you live in California, Maryland, South Dakota and West Virginia, you cannot apply for a loan from this company.

 

Western Sky Loans offers interest at the rate of 135% with an APR of approximately 139%. The borrower can return the sum at his convenience. There is no upfront fee involved in payday loans by this company. If you loan is approved, you will have to pay $75 loan origination fee from the proceeds of your loan.

 

The process of getting a loan from Western Sky Loans is simple. You need to fill an application form. The company will get your credit report and will let you know about its decision shortly. When the application is conditionally approved, the borrower has to fax in a copy of his driver’s license, bank statement and a voided check. You need to fill in an on-line loan agreement to get the loan. Thus you can get loan and manage your life in a better way by availing easy personal loans from Western Sky Loans.

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10 Steps to Minimize Student Loan Debt

Most students take out loans to fund their college education. This type of debt can be a wise investment, experts say, but students need to carefully consider how much is too much to borrow. These 10 tips can help students keep their student loan debt at a manageable level.

 

Tuition is only the tip of the iceberg for college expenses. Students should also factor in books, housing, meals and transportation. “People look at tuition and think, ‘Oh, that’s what I need,’” Suzanna de Baca of Ameriprise Financial told U.S. News last year. “They don’t really make a good list of all the different expenses that are involved.

 

Once students calculate their total costs, they can figure out how to cover their expenses. Grants, scholarships and college savings plans should be used before loans come into play, experts say. Students should also deduct potential earnings from any part-time jobs, like waiting tables, from their total costs to determine what they need

Reed more ……

4 Payday Loan Myths

If you thought credit card interest and bank fees were bad, you probably haven’t looked at the payday loan industry. A recent report from The Pew Charitable Trusts sheds light on the payday loan industry and why people turn to them to borrow cash. According to the report, nearly 12 million Americans take out a payday loan every year. On average, borrowers take out a two-week loan for $375. Borrowers usually end up taking 5 months to pay back the loan, which has an effective annual interest rate of roughly 400 percent.

While those surveyed thought payday loans were necessary, given dire financial circumstances, a majority walked away feeling as though they’d been taken advantage of. In truth, payday loans are such poor financial instruments that many traditionally poor financial decisions are better alternatives. If this is the case, why do people still use them?

Pew’s survey examined the misconceptions fostered by those who borrowed using this type of lending. Here are four myths surrounding payday loans:

“Not another bill.” The average term of a payday loan is only two weeks. Payday lenders use this shortened, repayment term as part of the loan’s marketing. What makes this abbreviated term so enticing?

The survey shows most payday borrowers struggle with monthly expenses on a regular basis. A two-week loan is attractive, because it creates the illusion the loan is a quick-and-easy transaction that isn’t going to come back and reach into your wallet every month. For most payday borrowers, this is only a misperception.

In truth, only 14 percent of borrowers could afford to repay the average payday loan out of their monthly budgets. As a result, new payday loans are usually taken out to pay previous payday loans. Instead of a single monthly bill, payday users end up with a bill due twice a month. In fact, the average time to repay a loan is approximately five months.

“Avoid extreme measures.” Pew’s study found 81 percent of borrowers had other means of covering the needed cash. With other resources available, why do many borrowers choose payday loans over the alternatives?

The answer has to do with avoiding the unpleasantries of alternatives. Those who borrowed from payday loans indicated a number of alternatives, like borrowing from family, pawning items, and cutting expenses. Payday loans were taken out to avoid these options.

Do payday loans help prevent extreme measures? They proved so burdensome that more than one in four payday borrowers ultimately turned to one of the extreme options in order to end the payday loan.

As such, when it comes to payday loans, your best option is probably your alternative.

“Prevent overdrafting.” Most payday customers have bounced a check in the last year, in turn leading lenders to market loans as a last-ditch effort to avoid overdraft fees from banks.

However, it turns out many payday loan direct lender directly result in overdrafting customers’ accounts when loan payments are made. More one in four storefront borrowers and nearly half of online borrowers reported bouncing a payment to a lender.

Since many customers report bouncing checks to payday lenders, it hardly seems likely that they reduce the instance of overdraft fees.

“All payday loans are created equal.” By now you’ve likely realized payday loans are poor financial products. In fact, credit card debt would be a far better option. Still, are all payday lenders the same?

For the most part, the borrower is going to run into the same financial conclusion regarding the lender. All lenders charge high annual interest rates, and most short-term loans turn into long-term obligations.

However, Pew’s survey shows there are some interesting differences in the type of lender. For example, online payday lenders received poor ratings for satisfaction compared to in-store lenders. Banks tended to have lower annual rates of interest—although they were still extremely high.

The bottom line: Payday loans are a poor financial instrument. They often lead borrowers into a seemingly endless cycle of debt, which causes customers far more money to borrow than is reasonable. Advertising can be tempting, but don’t be fooled by the myths being sold. Reed more…

 

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