The Cash Advance Pundit!

One of the major criticisms of payday loans are that their rates are too high.  Well, now Congress is looking at banks and their overdraft fees with the same eye. Banks call the the “service” overdraft protection.  So, lets say, for example, that you go to the gas station and get a candy bar.  BUT, you only have a dollar left in your checking account and the candy bar costs two dollars.  Never fear!  The bank will protect your overdraft by charging you a large fee-basically, an automatic loan. There are now a number of lawmakers and consumer groups that

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There was recently an article written in The Sun News, a South Carolina paper, concerning the option of a payday loan.  The article was written by Craig Conwell and has some very valid and interesting points that I wanted to briefly summarize. Craig is a 42-year-old man who successfully graduated from college and had numerous small businesses.  He has been professionally successful, but has also had some very hard times.  He says, “…there have been times when I did not know if I would make it.  And I would not have made it without the sole institution that was willing

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The House Financial Services subcommittee is preparing to legalize payday loans with a 391% interest rate.  This subcommittee is in charge of consumer credit issues with Luiz Gutierrez as the chairman. Gutierrez now has a “power” plan that is suppose to help the payday loan industry.  However, many of it’s provisions would be detrimental for payday loan companies.  Critics of the payday loan industry say that the industry is “pretending” to oppose his bill.  I do believe that, in this case, the opposition is sincere and warranted. The bill contains regulations that are extremely stringent.  The basic aspects of the

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A columnist for a San Angelo, Texas publication describes payday loans as filling a “financial void”.  The columnist, Dennis Weese pointed out several reasons why payday loans are such a necessity.  But the overall feel of the article was how payday loans can serve as the best option for a lot of families with financial struggles. In every state there are individuals who are hard-working citizens, but live paycheck to paycheck.  Especially with the current economic situation, many families and individuals have learned how to stretch their dollar.  However, sometimes they need a little extra to pay for a pressing

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