A General Assembly panel began work this week to determine what, if anything, to do about car title lenders charging 300 percent interest to people who can least afford it. The panel needn't labor long; the solution is easy: Ban these types of loans. Or at the very least require that they charge no more than the 36 percent interest limitation imposed on other types of lenders.
Immigrants are New York City's greatest entrepreneurs," said Manhattan Borough President [Scott M Stringer], "but they are also the most vulnerable to loan sharks, who charge interest designed to keep you in debt forever and give you no credit history. Thankfully, there are excellent alternatives out there - like ACCION - and all New Yorkers should know about them. The campaign will feature television and newspaper advertisements in major Hispanic outlets, aggressive media outreach, and partnerships with local organizations. "This educational campaign speaks to a danger that immigrant small business owners face daily. Without access to credit to start, secure, or grow a business, hard working microentrepreneurs are prey for unscrupulous informal lenders in the community," said Gina Ha...
A 36-year-old teacher from East Meadow was arrested last night after allegedly lending out $40,000 at an annual interest rate more than four times the legal limit. Nassau County District Attorney Kathleen Rice said Sean Harris, a physical education teacher in Astoria with the New York City school system, has been charged with criminal usury after allegedly lending out $40,000 to a third party at an interest rate of 2 percent per week, which amounts to an annual interest rate of 104 percent per year. Any loan with an annual interest rate of more than 25 percent is considered criminal.
ANAHEIM - Anaheim-based fast-money lender CashCall Inc. has agreed to pay the state $1 million in civil penalties and legal expenses to settle allegations that it ran deceptive ads and used loan shark tactics against its customers. The state alleged that the company, which has used former child star Gary Coleman in its ad campaigns, runs advertisements falsely suggesting cheap loans are available to all borrowers.
Need cash now? Bad credit? No credit? No problem. So goes the ubiquitous sales pitch of the payday loan trade. That fast-money, few-questions-asked message is connecting with more and more cash- strapped Americans feeding a multibillion dollar industry that has seen explosive growth since its creation a little more than a decade ago. HOW IT WORKS
Bob Zeitler says he's not a loan shark. The president and founder of RKZ Management, a payday lending and alternative financing company with more than a dozen locations in New Orleans and several more throughout the U.S., claims he's filling a niche traditional lenders have skipped.
Holly (Victoria Foyt, [Henry Jaglom]'s estranged wife, muse, co-writer and frequent star) seems to have a truly cool life, as an admirer tells her, but in fact it's a train wreck. The store is in big debt, partly because Holly's boyfriend Adam (Bruce Davison) has been fudging the finances, and a loan shark is breathing down her neck. Holly and preteen daughter Coco (as in Chanel, of course, played by Mae Whitman, who was Christine Lahti's daughter in Chicago Hope) move out of Adam's house and camp in the cluttered room above the shop. Coco, still fuming because Holly won't let her get her belly button pierced, is livid. Jaglom and Foyt's script has fun with language. The loan shark teaches Holly that the word for "thousand" is "K," and "interest" is "V." Holly understands about lang...
Dear investor in Casey's Rip-off Loans: In July 2009 we launched our lending company with the motto "The loan shark you will love" and the slogan "We cheat you honestly, unlike those other chiselers.
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