Online Payday Loan

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“This analysis suggests that… the payday lending industry has now fundamentally transformed the financial services sector catering to lower income Americans. Moreover, our findings should serve as conclusive proof that conservative Christian Americans are a prime demographic target of the payday lending industry.”

Christopher Lewis Peterson and Steven M. Graves came to this fascinating conclusion in a paper entitled Usury Law and the Christian Right: Faith Based Political Power and the Geography of the American Payday Loan Regulation.

Although the paper itself is due to be released this spring, a draft copy of the full report and raw data (including detailed maps) are available online…
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Cash Advance Loan  is an objective comparison of unsecured payday loan options.

Using the site, you can compare short-term, small-dollar Payday loans offered by P2P lending services, credit unions, utilities (in the form of late payment fees), banks (in the form of overdraft “protection”) and, of course, payday loans.

The site compares loans by amount, duration, fee and APR (Annual Percentage Rate) making it an extremely useful tool to help borrowers make better loan decisions…
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“It’s why neighborhoods with lower median incomes - such as Norfolk’s Berkley and Portsmouth’s Brighton/Prentis Park - have no payday lenders, while Portsmouth’s solidly suburban subdivisions along Portsmouth Boulevard near Chesapeake Square Mall have a cluster of them.”

The Virginian-Pilot staff writer Meghan Hoyer found that payday lenders target middle-class neighborhoods and avoid poor areas of Portsmouth…
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“Sometimes [a payday loan] is your only option. I respect the fact that they’re there when you need them. You have bills, and you have to pay them. But I have never recommended this to anyone. You can’t catch up.”

Payday loan consumer Tasnuva Ahmed, who has been using cash advance loans regularly for two years, shares her experiences and offers some advice for would-be borrowers…
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P2P (peer-to-peer) lending services, which facilitate unsecured personal loans between individuals, make excellent payday loan alternatives.

Also known as “person-to-person” lending, these online services cut bankers out of the loan equation giving borrowers competitive interest rates between about 7% and 18% APR. Also, since professional lenders are involved in the process, you can avoid the pitfalls of borrowing from family and friends.

Let’s take a look at the benefits, eligibility requirements and borrowing strategies of P2P loans…
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Based on reader input, we have updated our posts on Virgin Money in our Links section and MyCashTime on our Compare Payday Lenders page…
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We would like to take this opportunity to wish everyone a happy holiday season, thank you for your continued support, warn you about a common year end scam and mention a few of our plans for the new year…
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Zopa USA is a social finance company that facilitates peer-to-peer (P2P) lending between individuals.

You can get an unsecured personal loan with interest rates as low as 8.75% APR (Annual Percentage Rate). You can also ask other Zopa members to help you make loan payments (even up to having the entire loan paid off in full) making Zopa an excellent payday loan alternative…
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“The government of Manitoba has taken a very socialist attitude of where they want to go… Why are they regulating us? Are they telling Wal-Mart what to charge? Are they telling anybody else what to charge? It’s a free market.”

Payday lender Leo Sorensen believes that the government has no place telling a business what it can charge its customers. Sorenson, who in the past has compared the payday loan business to prostitution, claims he has every right to charge borrowers interest rates of more than 700% APR and even suggested that some of his customers may resort to stealing to pay bills if payday loans were not available…
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