Senate Bill Would Limit Collection on High-Rate Loans (Update1) (Bloomberg)
Posted on June 12th, 2009 | by admin |More info…
June 11 (Bloomberg) — A bill before the Senate Judiciary Committee would limit creditors from collecting on high-interest rate loans in bankruptcy court and may give consumers leverage to negotiate better terms.
The Worst Business Model (BusinessWeek)
Learn from outrageous, harmful business ideas like Wonga payday loans. Umair Haque explains it all
EZcorp lowers earnings guidance, shares tumble (AP via Yahoo! Finance)
Ezcorp Inc., a pawn shop owner and payday lender, lowered its 2009 earnings guidance on Thursday due to weaker-than-expected demand for its loans and used merchandise.
Some Ohio legislators pledging another crackdown on payday lending industry (WKSU Kent State University)
Some Ohio legislators are accusing payday lenders of skirting the spirit of a new state law, so they can continue to charge sky-high rates on short-term loans. The lenders insist they aren’t doing anything illegal, but the lawmakers are still vowing to pass another crackdown. WKSU’s Bill Cohen reports.
Payday loan victims get $100 million (Toronto Star)
Canada’s leading payday lender has agreed to pay $100 million to Ontario clients who complained they were ripped off by usurious interest rates. “It’s been a long road,” said Ron Oriet, 36, of Windsor. “I’m glad it’s over. It’s been six years.”
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