Report author Melissa Konty, research and policy associate at the Mountain Association for Community Economic Development, says payday lending has become widespread in the state.

“More than four million loans were made in 2008 to Kentuckians who paid more than 400 percent in interest on those loans. So, we see a huge problem with payday lending in the state of Kentucky.”

The study points out that payday lenders operate in cities and rural areas. Mapping store locations, however, reveals that lenders often locate their businesses in targeted neighborhoods, according to Konty’s research.

“If you look at a map of Louisville, they are stacked one after the other along major thoroughfares, and are more concentrated in the low-to-moderate income areas than in welfare communities. We see the largest number of payday lenders in our urban communities but, when we look at the number of locations per 10,000 residents, we also find that more rural counties – such as Mason, Madison and Perry – actually have a higher concentration of lenders, and of debt.”

Payday lenders refute the study, saying their industry is committed to protecting consumers while offering a necessary service for short-term borrowers. The Kentucky Coalition for Responsible Lending, representing 64 organizations, argues that the money paid in high loan interest rates is effectively being taken from local communities that could put it to better use.

The group says the study makes a strong case for a 36 percent cap on payday loans, as proposed in House Bill 381. The legislation remains in the Banking and Insurance Committee, awaiting action by the committee chair.

Bill Goodman, Public News Service - KY

Everywhere you go in the UK during the downturn, you never seem to be too far away from an advert for a payday loan.

In Middlesbrough, offers for quick and easy access to cash are found in the window of a converted church. In London, competing loan shops can be found on opposite sides of the street.

Payday loans are offers of relatively small amounts on credit to “tide you over to the next wage packet”. The industry says its typical customer earns £18,000 a year.

Competition in the area has mushroomed in 2009, according to an interim report by the Office of Fair Trading (OFT) into the £35bn high-cost credit market.

But the reasons for this are not just because consumers need the cash - it is because the lenders are short of access to funds too.

Matter of timing

The “success” story of payday loans is a tale of the credit crunch and the recession.

By Daniel Costello

Payday loans, also known as payday cash advances, remain a hugely controversial and profitable business. In recent years, several states have imposed strict usury limits on the interest pay day loan companies take, some as high as 400 percent on an annual basis. People who resort to payday lending are typically low-income workers with few assets, and the loans often have the effect of depleting the assets of low-income communities.

Last year, the Federal Deposit Insurance Corp. began offering banks incentives to offer short-term, small-dollar loans of up to $2,500 to low-income Americans to help those with low or no credit scores get access to regular banking outside of the 23,000 pay day loan outlets nationwide.

According to an interim FDIC report, the pilot program appears to be a success and federal officials have announced they plan to expand the program next year. So far, 31 initial banks collectively have offered $28 million in loans up to $2,500. About 8 percent of customers were delinquent, roughly the industry average.

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The advance payday loans are available in US market. The loan amount can be utilized for any purpose.
1. The applicant can use money for emergency payments such as medical bills, doctor fees etc.

The suit seeks a temporary injunction against FFD Ventures, a limited partnership based in Nevada and Georgia, and a series of interrelated companies for allegedly ignoring investigative subpoenas from the Attorney General’s Office.

“While the majority of the [Internet payday lending] industry has now acknowledged that it will comply with West Virginia’s lending and usury laws, a segment of the industry, including the defendants herein, continues to violate its laws,” the suit states.

McGraw’s office began pursuing online payday lenders, who charge extremely high interest rates on short-term loans, in 2005. Since then, the attorney general’s office has entered almost 100 settlement agreements with payday lenders and their collection agencies, resulting in $1.9 million in refunds and canceled debts for 6,887 West Virginians, according to a news release.

“It is now more important than ever to stop modern-day loan sharks from preying on West Virginia consumers who may be tempted by difficult financial circumstances to apply for payday loans on the Internet,” McGraw said in a prepared statement.

“While these companies offer quick and easy money, most consumers end up paying 10 times the amount borrowed without ever paying off the loan.”

Under state law, it is illegal for a lender in West Virginia to charge more than 18 percent annual interest.

The suit claims the companies, which do business under such names as “Cash Supply,” “Web Payday,” “Payday Services,” “Payday Yes” and “Paper Check Payday,” have ignored an investigative subpoena from the Attorney General’s Office since 2007.

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They will have to pay $5 million in restitution to the customers they mislead. Most of the 14,000 victims across the state say they heard about these companies through TV, radio or online advertisements.

The AG’s office says TeleCash and CashNet disguised their payday loans to look like they were being made by a bank in Delaware. Unlike New York, Delaware does not limit the amount of interest that can be charged on a loan, so some customers were paying up to 500%.

If you dealt with either of these companies, you’ll be receiving restitution. The checks will range from $10 to $4500 dollars depending on how much interest you paid.

If you think you are owed, call 1-800-771-7755. You’ll be sent a claim form to fill out to determine whether you’re eligible and exactly how much you’ll get.

If you’re desperate for cash, payday loans are not a good answer. It’s actually better for you financially to take a cash advance on your credit card than to take out a payday loan.

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As a matter of fact, these loans are easy to acquire and for the same purpose, you are not all required to place collateral or for that matter spend too much time on legal formalities. With these loans, you get the necessary leverage to tackle expenses such as clearing pending medical bills, credit card dues, sudden tour expenses, car repair etc. In order to avail these loans, all you need to have is a reliable source of income and that your age should be more than 18years. In addition to these, you need to be in possession of a valid bank account. It is on the basis of these details that an amount in the range of €100-€1500 is advanced for a period of 2 - 4 weeks. Once your payday arrives, you have to pay back the amount. You can also extend the repayment tenure by paying a small fee, incase you want to repay the amount later.

Instant payday loans are also made available to applicants with serious credit defaults, as the loan amount is approved without any credit check. The interest levied is slightly higher, but competitive rates can be derived by undertaking a detailed research of the loan market.

These loans can be best derived by applying online. Online application is relative less time consuming, as you are required to fill the details in a simple application. Once the details have been checked, the approval comes in less than 24 hours. Besides, to have more detailed information on these loans, you can refer to payday Loans No faxing.

Therefore, with these loans, you can overcome unexpected expenses without any hassles.

About the Author:

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State Rep. Stephen Webber, D-Columbia, left, listens to fellow State Rep. Mary Still D-Columbia, as she questions United Payday Lenders of Missouri lobbyist Randy Scherr during his testimony at Monday night’s hearing at Columbia Public Library. Scherr said a significant proportion of customers of the payday lending industry are “financially savvy” individuals who are frustrated with traditional banking systems.

Payday loan has been paid to post-pay loans you have a very simple, and often in installments. All the installments have been chosen as one of their monthly income. So, it can not be such a burden on your mind when applying for a loan. In fact, these installments will be paid only for a short time. The reason is simply that you are given credit for a short time only. The amount is not large enough that it will take you time to make the repayments with the charges. Therefore, it is very easy to pay the debts.
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