Posts Tagged ‘money’

No Fax Payday Loans Becoming More Accessible

GAINESVILLE, FL, June 21, 2009 /24-7PressRelease/ — In such hard economic times as these, many homeowners and families who are forced to rent are in desperate need of financial help. While television money gurus and professionals steer people away from them, no fax payday loans may end up being the difference between a home being foreclosed and the payment being made on time.

“You can’t just expect people who have been making payments on a home for 10 to 15 years to just give up on it because times are bad,” says George Archer, Public Relations Manager for JTVCashadvance.com. “They were unexpectedly cut from a job they’ve been at for 20 years or they’ve suddenly found themselves on a fixed income… when none of your family and friends have extra money to lend and when the banks won’t touch you, who else is going to take the risk?”

Archer may be right. As home foreclosures continue to be at record highs in the United States and 1.6 million vehicles were repossessed in 2008, many are finding themselves stuck between getting a payday loan or losing their only vehicle, their only place to live, or worse, simply being able to eat.

“I don’t think these politicians in Washington lobbying against the payday loan industry understand what’s going on down here…” says Robin of New Johnsonville, TN. “When everyone you know is scraping by as barely as you are, what are you supposed to do when the only car you have will be repoed next week? Lose car, lose job. They can’t relate to that kind of desperation.”

Even borrowers with good credit are having a hard time making end’s meet and have found themselves resorting to cash advances to pull through this tough time. They also tend to find themselves embarassed, believing that only those who have overextended themselves have to resort to a payday loan store, but they couldn’t be more wrong.

“The money you need is available through our program, which has a higher approval rate than others,” says Archer. “We make sure your information gets to the correct lender; if you only have a savings account, your application will be submitted to a lender who offers loans for those with only savings accounts. We try to make sure that you get the quickest approval possible.”

No Fax Payday Loans JTVcashadvance is a leading website in the no fax payday loans field and you can visit their website at http://www.jtvcashadvance.com .

Payday lending fight goes on

A deal to settle Senate differences over regulating payday lending stalled Thursday, though lawmakers said they closed ground in behind-the-scenes negotiations with industry giant Advance America.

Some lawmakers are predicting next week will be do-or-die for the thorny issue, which senators say they are tired of debating but can’t seem to resolve.

“My sense is we’re 90 percent of the way there on payday lending,” said Senate Rules chairman Larry Martin, R-Pickens. “We’re going to come together Tuesday, or that bill is not going anywhere.”

Led by former state senator and 2006 gubernatorial nominee Tommy Moore, Columbia attorney and lobbyist Dwight Drake, and lobbyist Carol A. Stewart, the payday lenders met for more than an hour Thursday above the Senate chamber with Republican Sen. Wes Hayes, R-York, Sen. Joel Lourie, D-Richland, and others seeking to rein in the unregulated industry.

The two sides — payday lenders and the steadfast group of senators who insist meaningful restraints be put on the $155 million-a-year business in South Carolina — are trying to end a fight that threatens to drag on into the 2010 Senate calendar year.

“I want a tough bill,” said Darlington Democratic Sen. Gerald Malloy, an attorney and one of the industry’s most consistent critics. “We need to send a message there was a mistake made (by the Legislature),” in allowing payday lenders to come into the state 10 years ago, Malloy said.

“As a native South Carolinian, I’m ashamed and offended (by what this industry is doing in our state),” he said.

Malloy said the bill the Senate is considering is too weak to adequately protect S.C. consumers from the high-interest payday loans he says most South Carolinians do not earn enough money to afford.

The Senate bill allows loans up to $500 in a single transaction and calls for a two-day cooling off period between consecutive loans. The $500 loan limit would be the highest allowed by any state in the Southeast, critics point out, at a time when other states are tightening restrictions on payday lenders by capping interest rates.

Senate President Pro-Tem Glenn McConnell, R-Charleston, is sponsoring the Senate bill, which has wide support and, the senator has said, is more likely to win House approval.

“The two sides are negotiating. They’re getting closer; they’re not there,” McConnell said after the would-be deal stalled. But the opposing sides told McConnell if they had the weekend to continue their talks they could get closer, or at least have a better idea of where each stood, he said.

Senate opponents of the payday lending bill want to tie payday loans to a borrower’s income, with a longer cooling off period.

The Senate easily rejected a bid to do that in a lopsided, 27-14 vote Wednesday.

But Hayes said tougher regulations still could be in the offing.

“It’s going in the right direction,” he said after Thursday’s meeting ended. “I think we will be compromising or debating on Tuesday.”

Reach Burris at (803) 771-8398.

Payday loans targeted by stiffer legislation

People who depend on a short term loan to get through to another payday could see their money pool drying up if Congress passes a new bill.

The bill, HR 1214 sponsored by Rep. Luis Gutierrez, (D-Ill) Chairman of the Subcommittee on Financial Institutions, puts a cap on what payday loan institutions can charge for a loan.

“The status quo of the payday lending industry is unacceptable and the bill provides a federal safety net for the working poor,” Gutierrez said.

Almost all local payday loan offices are corporate-owned. Inquiries were referred to a corporate spokesperson.

Check n Go company spokesperson Jeffery Kursman said the legislation goes too far and infringes on consumer choice.

“For a lot of people living from paycheck to paycheck the payday loan is their only salvation for unexpected costs, such as car repairs, or other unforeseen expenses,” Kursman said.

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