Considering the possible debt trap payday advance clients often face as a result of these resources, the Center for Responsible Lending wishes to ensure that readers are aware of alternatives.
Higher fees on payday cash advances led a 14 percent gain in revenue and a 35 percent increase in profit during the third quarter at Fort Worth-based Cash America International, the country’s largest operator of pawn shops.
The Eagle Tribune recently talked to Michael McKeon. The Masschusetts resident knows 25 percent interest each month is high, but when asked why he took out a $500 loan anyway, he just shrugged a little and said, “Desperate times. …”
The Oklahoma Department of Consumer Credit is warning Oklahoma residents about solictations from out-of-state, online payday loan companies and other financial services.