Payday Loans News
Friday Rewind: Police Shooting of Alton Sterling
Taking a look back at this week's top stories, including the deadly police shooting of Alton Sterling.
Consumer Financial Protection Bureau to Crack Down on Payday Loan 'Debt Traps'
A federal consumer watchdog group proposed a new rule today aimed at cracking down on the payday loan industry, saying in a press release that "consumers are being set up to fail with loan payments that they are unable to repay." Payday loans, sometimes called "cash advances" or "check loans,"
Missouri Man Paid $50,000 in Interest After Taking $2,500 in Payday Loans
Small payday loans are touted as quick, short-term access to money, but people like Elliott Clark of Kansas City, Missouri, call them "debt traps." A retired and disabled Marine, Clark still has a hard time talking about the more than 5 years in which he says he struggled to pay $50,000 in interest
Google Will Ban Ads for Payday Loans
Google will ban ads by payday lenders, saying the new policy aims to protect people from "deceptive or harmful financial products." The tech giant announced today that it will ban ads for loans where repayment is due within 60 days of the date of issue. In the U.S., it will also ban ads for loans
Customers Could File Class Action Lawsuits Against Banks Under Proposed Rule
A U.S. government watchdog consumer group is inviting public comment on a rule it proposed today that would give consumers the right to file class action lawsuits against banks and other financial firms. The Consumer Financial Protection Bureau (CFPB), an agency created after the 2008 financial
Feds Crack Down on 'Phantom Debt Collection' Scheme
Federal and state authorities are cracking down on a multi-million-dollar “phantom debt collection” scheme that allegedly bilked at least $3.8 million from consumers who were tricked into paying off debts they didn’t owe. The action, brought by the Federal Trade Commission and Illinois Attorney
'The Revenant' Wins Big at BAFTA Awards
Leonardo DiCaprio and Alejandro G. Inarritu lead the BAFTA award show as "The Revenant" wins three awards for Best Actor, Best Director and Best Film.
Beware Online Loan Scammers
Dear ABC News Fixer: I tried for a loan online and was stupid enough to send more than $3,000. They said it was for various things like processing fees, or because I had bad credit, or for insurance on the loan. They keep giving me the runaround. This all started back in March and we are still
Did You Make One of These 7 Back-to-School Shopping Mistakes?
As kids across the country embark on that saddest of journeys back to school after a summer of fun, wondering where all the time went, many parents may be having a similar reaction to the frenzy of back-to-school shopping and where their money went. While getting a child equipped for school is
How The 4-Year-Old Government Agency You May Never Have Heard of Can Help You
I was startled to notice that the government’s Consumer Financial Protection Bureau is celebrating its four-year anniversary — the fifth if you count its unofficial start while Congress was still wrangling over it. The CFPB was established in response to the financial crisis of 2008 on the premise