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Debt-buying industry and lax court review are burying defendants in defaults abajournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abajournal.com Daily Mail and Mail on Sunday newspapers.
Online lenders say they are helping people who can't get loans elsewhere, at least without paying high overdraft, NSF or rollover fees at banks or payday lenders. ....
Southfield-based Credit Acceptance moves forward after paying $27.2 million settlement in Massachusetts crainsdetroit.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainsdetroit.com Daily Mail and Mail on Sunday newspapers.
Are state interest-rate caps an automatic win for borrowers? Annie Millerbernd View Comments Small-dollar, short-term lenders, unburdened by a federal maximum interest rate, can charge borrowers rates of 400% or more for their loans. But more states are bringing that number down by setting rate caps to curb high-interest lending. Currently, 18 states and Washington, D.C., have laws that limit short-term loan rates to 36% or lower, according to the Center for Responsible Lending. Other states are weighing similar legislation. “This legislative session we’ve seen an increased and renewed interest in limiting interest rates and limiting the harms of payday loans,” says Lisa Stifler, director of state policy for the CRL. ....
Are state interest-rate caps an automatic win for borrowers? Annie Millerbernd NerdWallet FacebookTwitterEmail There is no federal maximum interest rate on consumer loans, so absent a state law, lenders can charge high rates on small loans. But recently, more states have moved to bring that number down.Mark Humphrey | AP Small-dollar, short-term lenders, unburdened by a federal maximum interest rate, can charge borrowers rates of 400% or more for their loans. But more states are bringing that number down by setting rate caps to curb high-interest lending. Currently, 18 states and Washington, D.C., have laws that limit short-term loan rates to 36% or lower, according to the Center for Responsible Lending. Other states are weighing similar legislation. ....