Check into Cash Closes Doors in Oregon

Check into Cash, a CFSA member company and one of the nation’s largest payday advance companies, has announced that they have closed their remaining 13 stores in Oregon. Their action comes one year after the Oregon legislature passed a law imposing a 36% APR cap on payday loans.

Allan Jones, Check into Cash CEO, explained that [...]

Colorado legislation would eliminate 1,800 jobs

A proposed annual rate cap on payday loans in Colorado would force 90 payday lenders to close and eliminate 1,800 jobs, according to a Fox News Colorado report.
The proposed 45% APR rate cap would mean that the maximum fee per $100 would be $1.73. The product cannot be offered for $1.73. If passed, payday lenders [...]

Labor Dept report: 63,000 jobs lost in February

According to the latest Department of Labor numbers, 63,000 jobs were lost in February, with the financial services industry being one of the industries hit hardest.
While some industries, like construction, were victims of a market slowdown, payday lending employees were victims of over-regulation.

In states like Oregon and Pennsylvania, the payday lending industry has been virtually regulated [...]

LA Times Blogger Defends Payday Lending

A Los Angeles Times blogger agrees with former Sen. George McGovern that the government should stay out of the business of restricting credit.  Money quote:  “Government is almost as good at quashing economic activity in the hood as it as at complaining about the lack of opportunity in the inner city.”