http://www.nextdaycheck.com/blog Your Faxless Payday Loan Source Wed, 07 Jan 2009 12:03:01 +0000 http://backend.userland.com/rss092 en The new Year brings us another payday loan law.  The State of New Hampshire now has a payday loan law that caps the interest rate on small loans at 36 percent a year, which the industry has said will put it out of business. Payday lenders typically charge $20 per $100 ... http://www.nextdaycheck.com/blog/payday-loans/payday-loans-in-new-hampshire/ We have written several times about how expensive overdraft fees can be... and how they can make payday loans look inexpensive. Here's another look at overdraft fees.  It's from Mark A. Fusaro, an economist at East Carolina University.  Here's what he found: Frequent overdrafters pay up to $3,000 in fees per year.  ... http://www.nextdaycheck.com/blog/payday-loans/another-comparison-of-overdraft-fees-to-payday-loans/ There's a great quote in the Charleston Daily Mail today (a local newspaper).  The quote is from the founder of one of the largest payday lenders in the U.S. and it describes how people view payday lenders: "It's the craziest business. ... Consumers love us, but consumer groups hate us." That quote ... http://www.nextdaycheck.com/blog/payday-loans/our-love-hate-relationship-with-payday-loans/ The State of Virginia joined a growing list of States with new payday loan regulations with a new law that went into effect on January 1, 2009.  The Virginia law is the culmination of 3 years of debate by State legislators.  The law limits borrowers to one payday loan at ... http://www.nextdaycheck.com/blog/payday-loans/payday-loans-in-virginia-new-law-now-in-effect/ As 2008 comes to a close, there have been a number of recent articles about payday loans in the news.  Here's a quick summary of several items: The Chicago Tribune ran an article discussing CashNet USA, one of the largest payday lenders in the U.S.  The article discussed the explosive growth ... http://www.nextdaycheck.com/blog/payday-loans/payday-loans-in-the-news/ Opponents of payday loans argue that State (or even Federal) legislation is needed to protect borrowers.  A number of States have enacted legislation effectively preventing payday lenders from operating over the past few years. One such State is Oregon, which passed a law that effectively caps payday loans at a ... http://www.nextdaycheck.com/blog/payday-loans/restricting-access-to-payday-loans-good-or-bad-for-borrowers/ With the country officially in a recession, many people are finding it difficult to pay their bills and purchase every day necessities such as groceries, gas and additional required household items. Requesting a payday loan has especially increased due to job losses, when a double income family suddenly becomes single ... http://www.nextdaycheck.com/blog/payday-loans/no-surprise-bad-economic-conditions-increase-need-for-payday-loans/ Peer-to-Peer lending is also known as "person to person lending" or "social lending". Peer-to-peer lending is lending between two nonbank partners. The service was popularized by Propser.com, which provided a network for borrowers to find loans form private individuals. Peer-to-peer lending is an alternative to payday lending, ... http://www.nextdaycheck.com/blog/glossary/peer-to-peer-lending/ We are huge proponents of Americans having more credit choices. We understand that faxless payday loans are not for everyone. However, we also understand that people need credit from time to time, and that not everyone qualifies for a low-interest bank loan or a credit card that has ... http://www.nextdaycheck.com/blog/faxless-payday-loans/payday-loan-alternatives-peer-to-peer-lending/ Faxless payday loan transactions typically involve electronic funds transfers into your bank account.  The payday lender deposits (using a system called the "ACH network") money directly into your account, and then automatically withdraws your payments from your account. These electronic funds transfers can sometimes lead to errors or miscommunications.   Often, the ... http://www.nextdaycheck.com/blog/payday-loans/faxless-payday-loans-and-banking-problems/