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 Posted: Mon Mar 06, 2006 12:46 am Subject: Payday loan closings? They are banned in few states. |
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I heard that Check Into Cash is closing. It is here in North East Missouri and I also heard that Michigan just passed a bill to ban all payday loan companies is this true?
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Craig
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| Posted: Mon Mar 06, 2006 3:12 am Subject: |
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hum---will have to check into that and see what I find. In the meantime, maybe someone else here knows for sure. IMO (in my opinion) I think the whole united states should ban ALL payday loan companies! They're the downfall of america! shirley
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imkimssister
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| Posted: Mon Mar 06, 2006 7:37 am Subject: |
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Craig
I will check into the payday loan ban. They are still currently legal, as the local payday loan stores have not closed. I will let you know on what I find out.
Regards-
Mike
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Teleport
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| Posted: Mon Mar 06, 2006 8:30 am Subject: |
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I am glad some states are forging ahead, Washington's legistlature just ignored 15 different bills this session, although Their current law is fairly tough...
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jj
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| Posted: Mon Mar 06, 2006 9:53 am Subject: |
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I'm glad to hear that more states are cracking down on payday lenders. 
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CowampChicken
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| Posted: Mon Mar 06, 2006 10:19 am Subject: |
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I hope by the end of this year there is alot of the payday loan places shut down.
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NotsoLucky
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stanley
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| Posted: Mon Mar 06, 2006 12:10 pm Subject: North Carolina: |
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my Debt consolidator jstu sent this article to me:
| Quote: | Dear James L. Frannea:
>
> Yesterday it was announced at a press conference called by North Carolina
Attorney General Roy Cooper that his office had reached a settlement that
has essentially stopped payday lending by all major companies making
illegal loans to residents within the state. The settlement also calls for
three major payday lenders to pay a total of $700,000 in restitution to
fund efforts to help consumers impacted by payday loans.
>
> Peter Laroche, President & CEO of CCCS of Forsyth County, Inc. in
Winston-Salem, NC, spoke at the press conference about how CCCS' credit
counseling and financial literacy education intervention has made a
difference in the lives of North Carolina residents that have utilized
payday lenders to deal with their short-term financial emergencies.
>
> The Attorney General announced that the settlement funds will go to
nonprofits to help their efforts to provide credit counseling and
financial literacy to North Carolinians who might have turned to payday
loans.
>
> Prior to yesterday's event, the Attorney General's Consumer Protection
staff consulted with Laroche on how to identify which credit counseling
agencies serving NC residents should receive some of the out-of-state bank
payday settlement funds. At the end of the day they decided to select
North Carolina-based, CCCS nonprofit holistic credit counseling agencies
that are members of the NFCC and are accredited by the Council on
Accreditation for this funding. Because of this decision, a total of
$480,000, or nearly 70 percent of the funding will be distributed to the
following NFCC member agencies in North Carolina:
>
> consumer credit counseling Services (CCCS) of Western NC, CCCS of
Fayetteville, CCCS (Division of United Family Service) in Charlotte, CCCS
of Gaston County (A Division of Family Service, Inc.), CCCS of Greater
Greensboro (a Division of Family Service of the Piedmont, Inc.); CCCS, a
division of Triangle Family Services, CCCS of Forsyth County, Inc., and
CCCS of the Carolina Foothills.
>
> The NFCC applauds the efforts of the North Carolina Attorney General's
Office and congratulate Peter Laroche on his efforts to secure funding for
NFCC members in North Carolina to help consumers become more financially
empowered and live better lives. We are pleased that the value of
financial education is not only being recognized, but also being funded,
and that NFCC member agencies are being rewarded for the quality of their
counseling and education. |
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rkai93
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| Posted: Mon Mar 06, 2006 2:46 pm Subject: |
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Great article! Thanks for sharing that with us.
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CowampChicken
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| Posted: Mon Mar 06, 2006 2:54 pm Subject: |
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I know! It continues to give me hope...I am just really unsure if I should pay some of the companies, Like Cash Today, LTD, and Sonic, if they are seemingly going under any second......
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rkai93
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| Posted: Sat Mar 11, 2006 8:23 pm Subject: |
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I live in Michigan, and I hope we did pass a bill to ban all payday loans. You would not believe the walk in places we have around here..I live in a tri-city area, and there are 3 check and go, a bunch of cash stores, and at least 5 or 6 others stuck in plazas, usually right next to rental places. Isn't this pathetic?
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finsfan13
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| Posted: Sat Mar 11, 2006 8:26 pm Subject: |
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I work in Murrieta, CA. and I have never seen a city with so many payday loan places. They are popping up everywhere. It sucks! I hate seeing people in there. One is right next door to a Panda Express so I see people ALL THE TIME
~Mary
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Mary
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| Posted: Sun Mar 12, 2006 6:14 am Subject: |
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I live in a very small town, population less than thirteen thousand and we have five store front lenders here. These places just seem to keep popping up everywhere. 
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CowampChicken
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| Posted: Mon Mar 13, 2006 10:13 am Subject: |
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I noticed Arkansas was on the list of states that had banned payday loans. They must have found some way around the law because I live in NW Arkansas and there are plenty of them here. They are listed in the "Check Cashing" section of the yellow pages.
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Kathryn
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| Posted: Wed Mar 15, 2006 10:09 am Subject: |
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I am just wondering why so many of you want payday loan companies to be shut down. I use them and have not had any problems.
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curious
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| Posted: Wed Mar 15, 2006 11:06 am Subject: |
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Curious, good for you that you've not had any problems. These places are no better than loan sharks and charge inordinate amounts of interests and fees. A lot of us got caught in a trap with them and have gone into debt consolidation because of them. We got ourselves into the mess but we are all working together on here to help each other get out. If you get in the trap you will need our help. Good luck to you but try to stay away from these places.
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CycloneFan
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