Cash Advance News Sep 2009

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BBB warns about advance fee loans
The Better Business Bureau is advising consumers looking for a loan to steer clear of advance fee lenders.While advance fee loans may seem to be a quick fix to one's financial situation, in the end they will end up costing cash-strapped consumers much more than they bargained for. Advance fee loans -- also known as short-term, high-rate loans, cash advance loans, check advance loans, payday ... (Sun, 27 Sep 2009 09:10:57 GMT)

Advance on Earned Income Tax Credit puts cash in pocket now
Eligibility based on income; size depends on number of children The latest statistics from the Census Bureau are grim. Household income has fallen sharply; poverty is up. And that's based on data from a year ago, when employment was better. (Sun, 27 Sep 2009 10:41:49 GMT)

Armed robbery at cash store
The Fernandina Beach Police Department is investigating two incidents that occurred Friday afternoon - a bomb threat and a robbery - they said might be related. (Sun, 27 Sep 2009 12:28:56 GMT)

Responsible Approach Secures Repeat Business for Lending Stream
MANCHESTER, UNITED KINGDOM--(Marketwire - 09/27/09) - New figures released by payday loans company Lending Stream show that 54% of customers return to take out a second loan with them. By taking a responsible approach to same day loans, Lending Stream has secured a high level of repeat business. A spokesman from Lending Stream said: "Payday loans can be a good way to manage short-term cash flow ... (Sun, 27 Sep 2009 23:01:00 GMT)

Editorial: Rules for the loan industry
The Obama administration’s proposed Consumer Financial Protection Agency has hit a snag. Congress is balking at a provision that would require that banks offer “plain vanilla” financial products — simple, straightforward loan products like the traditional 30-year mortgage — in addition to their more exotic loans. The objection is that the government would be in the business of dictating to ... (Sun, 27 Sep 2009 23:07:40 GMT)

Responsible Approach Secures Repeat Business for Lending Stream
MANCHESTER, UNITED KINGDOM--(Marketwire - Sept. 28, 2009) - New figures released by payday loans company Lending Stream show that 54% of customers return to take out a second loan with them. By taking a responsible approach to same day loans, Lending Stream has secured a high level of repeat business. A spokesman from Lending Stream said: "Payday loans can be a good way to manage short-term cash ... (Sun, 27 Sep 2009 23:10:27 GMT)

Soybeans to Advance on Tight Supplies, Mielke Says (Update2)
Sept. 26 (Bloomberg) -- Soybeans may advance in the next “couple of weeks” as record U.S. crop fails to meet rising global demand, Oil World said. The U.S. crop “cannot solve the global supply problems,” said Thomas Mielke , executive director of Oil World, a global oilseed information provider, at a conference in Mumbai today. (Mon, 28 Sep 2009 01:03:06 GMT)

Seven famous founders share money mistakes, smart moves
Business founders share valuable lessons learned (Mon, 28 Sep 2009 03:39:02 GMT)

Regulators close Georgia bank in 95th failure for the year
Regulators have shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year amid the recession and rising loan defaults. (Mon, 28 Sep 2009 04:26:12 GMT)

Cash-strapped British Airways to charge fee for choosing seats
Cash-strapped British Airways is to start charging passengers who want to choose their seats when they book their flights, the airline said Friday. (Mon, 28 Sep 2009 07:39:05 GMT)

Major Currencies Turn Around In Europe
The dollar index rose Monday as the equity cash and futures markets were hammered lower. (Mon, 28 Sep 2009 11:30:45 GMT)

Large Single Room to rent
Large Single Room to rent in family home in Trinity.Fully furnished, T.V. with freesat. Non-smoking.On the bus route to St Helier, which is1.6 miles. References essential. £120 per week, cash in advance. (Mon, 28 Sep 2009 11:30:52 GMT)

Stocks bounce on deal news
Stocks spiked Monday morning in a broad-based advance, as investors used last week's selloff and a number of merger announcements as a reason to jump back in to equities. (Mon, 28 Sep 2009 14:02:40 GMT)

Obama Stock Advance Persists on Money Fund Hoarding (Update2)
Sept. 28 (Bloomberg) -- Americans holding $3.5 trillion in cash are giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year. (Mon, 28 Sep 2009 15:21:47 GMT)

NewsWatch: Xerox to buy ACS in $6.4 billion deal
Xerox to buy Affiliated Computer Systems for $6.4 billion in cash and stock as the copy machine maker looks to bolster its position in providing business services. (Mon, 28 Sep 2009 16:16:00 GMT)

JFP Person of the Day: Scott Colom
A new attorney with the Mississippi Center for Justice, Scott Colom will spend the next two years working to combat predatory payday lending in the state. (Mon, 28 Sep 2009 18:18:54 GMT)

FDIC considers calling for bank advances
US banks will have to advance tens of billions of dollars to the cash-strapped fund protecting depositors at the Federal Deposit Insurance Corporation under a proposal to be considered by regulators on Tuesday. (Mon, 28 Sep 2009 20:21:57 GMT)

U.S. Stocks Advance on Takeovers; Affiliated Computer Surges
Sept. 28 (Bloomberg) -- U.S. stocks rose, sending benchmark indexes up the most in five weeks, as takeovers in the drug and technology industries added to evidence that mergers and acquisitions are rebounding from the slowest pace in six years. (Mon, 28 Sep 2009 20:51:52 GMT)

Obama Stock Advance Persists on Money Fund Hoarding (Update3)
Sept. 28 (Bloomberg) -- Americans holding $3.5 trillion in cash are giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year. (Mon, 28 Sep 2009 21:20:20 GMT)

Business Highlights
Xerox Corp. said Monday it will buy Affiliated Computer Services Inc. for about $6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings. (Mon, 28 Sep 2009 21:45:41 GMT)

Bomb scare, robbery on King Street
A police bomb disposal unit has been called in and the area evacuated after a robbery suspect told employees of a King Street payday loan outlet Monday afternoon that a package he left behind was an explosive device. (Mon, 28 Sep 2009 22:58:50 GMT)

La Crosse man convicted in robbery
A La Crosse man admitted in court today he robbed a North Side payday loan business at gunpoint in June, after reaching an agreement with prosecutors. (Mon, 28 Sep 2009 23:09:27 GMT)

La Crosse man convicted in Cash Advance robbery
A La Crosse man admitted in court Monday he robbed a North Side payday loan business at gunpoint in June, after reaching an agreement with prosecutors. (Tue, 29 Sep 2009 05:24:47 GMT)

Anger at bank overdraft fees gets hotter, bigger and louder
Controversial bank account fees, which have fattened banks' bottom lines at the expense of vulnerable consumers, are rapidly becoming a black eye for the industry. (Tue, 29 Sep 2009 11:57:19 GMT)

CKDU's Rock Lottery means 25 musicians, 24 hours and some fun
The real lottery winner is you, the lucky audience member CKDU ’s funding fest kicks off this week with 10 days of amazing shows, parties and events that will make you want to open your wallets and cough over the cash for the good of the airwaves. Friday’s Rock Lottery at the Paragon Theatre (9pm, $8 in advance at CKDU, The Rock Garden , or CD Plus or $10 at the door), involves 25 musicians ... (Tue, 29 Sep 2009 13:10:21 GMT)

US banks could face $45bn payment to FDIC
US banks will have to pay about $45bn in advance to the cash-strapped fund protecting depositors at the Federal Deposit Insurance Corporation under a proposal being presented by US regulators on Tuesday. (Tue, 29 Sep 2009 14:43:06 GMT)

FDIC seeks $45-billion advance from banks to rebuild reserves
Under the agency's proposal, institutions would prepay three years' worth of premiums to the fund that insures customer deposits in case of failures. A bankers group signals support for the plan. Despite signs of economic improvement, banks continue to fail at a brisk pace, forcing regulators to scramble to keep the industry-financed deposit insurance fund from running out of cash. (Tue, 29 Sep 2009 14:44:21 GMT)

Payday lenders exceeding legal interest rates
Payday lenders exceeding legal interest rates (Tue, 29 Sep 2009 16:02:52 GMT)

Payday lenders exceeding legal interest rates
COLUMBUS - Some payday lenders continue to make loans at triple-digit interest rates, despite laws passed last year aimed at reining in the practice, according to a report issued Tuesday, Sept. (Tue, 29 Sep 2009 16:33:23 GMT)

Brazilian Stocks Fluctuate as Commodities Drop, Banks Advance
Sept. 29 (Bloomberg) -- Brazilian stocks fluctuated between gains and losses as a slump in commodity prices and concern that regulation changes may reduce profits for payment processors overshadowed a rally in banks. (Tue, 29 Sep 2009 16:41:43 GMT)

AMR says it will end quarter with $4.4 billion in cash
AMR Corp. announced Sept. 29 it had competed an offering of common stock and convertible notes, adding $830 million to the carrier’s cash position. (Tue, 29 Sep 2009 19:42:29 GMT)

Report: Payday lenders skirt law
Payday lenders continue to skirt short-term loan laws by charging excessive origination and credit-check fees and high fees to cash the money orders, according to a survey of 69 loan stores released Tuesday by Policy Matters Ohio. (Tue, 29 Sep 2009 21:28:31 GMT)

Ohio Attorney General supports bill that would close payday loopholes
Attorney General Richard Cordray is tackling the loopholes in Ohio's payday lending laws. (Wed, 30 Sep 2009 00:43:18 GMT)

Ohio Payday Lenders Still Charging Triple-Digit Interest Rates
A new report suggests that payday lenders in Ohio are deliberately going around a new law designed to cap interest rates. In November, voters approved new restrictions on payday lenders, including a maximum interest rate of 28 percent on loans. (Wed, 30 Sep 2009 02:16:59 GMT)

Ohio Payday Lenders Still Charging Triple-Digit Interest Rates
Policy Matters Ohio surveyed businesses and found that payday lenders are getting around a new Ohio law. (Wed, 30 Sep 2009 02:18:17 GMT)

Appeal of payday contract denied
The state denied the appeal Tuesday of a pair of South Carolina companies protesting the contract award to establish a Web-based data collection system for the payday lending industry. (Wed, 30 Sep 2009 04:01:46 GMT)

Payday lenders using loopholes, study says
Payday lenders in Ohio continue to charge fees for short-term loans that equate to triple-digit annual interest rates despite a 2008 law that supporters hoped would cap the rates at 28 percent, according to a study released yesterday. (Wed, 30 Sep 2009 04:37:49 GMT)

Payday lenders using loopholes
Payday lenders in Ohio continue to charge fees for short-term loans that equate to triple-digit annual interest rates despite a 2008 law that supporters hoped would cap the rates at 28 percent, according to a study released yesterday. (Wed, 30 Sep 2009 07:37:49 GMT)

European Stocks Advance, Extending Best Quarter This Decade
Sept. 30 (Bloomberg) -- European stocks rose for a third day, extending the Dow Jones Stoxx 600 Index’s biggest quarterly rally this decade. U.S. index futures and Asian shares gained. (Wed, 30 Sep 2009 10:08:06 GMT)

Ohio payday lenders assailed
By JON CHAVEZ BLADE BUSINESS WRITER So-called payday lenders in Ohio are "deliberately circumventing" a law passed a year ago to cap loan interest rates and provide other protections, according to a state consumer advocacy group. In its 12-page report released yesterday, Policy Matters Ohio maintains that most payday lenders are not operating under a law to regulate them and instead are lending ... (Wed, 30 Sep 2009 10:43:05 GMT)

German Notes Drop as Stocks Gain, ECB Lends Banks Less Cash
Sept. 30 (Bloomberg) -- German two-year notes fell, pushing the yield to the highest level in more than a month, as stocks rose and demand for cash at a European Central Bank auction dropped, adding to evidence that the financial crisis is easing. (Wed, 30 Sep 2009 13:25:42 GMT)

European Stocks Advance, Extending Best Quarter This Decade
Sept. 30 (Bloomberg) -- European stocks rose for a third day, extending the Dow Jones Stoxx 600 Index’s biggest quarterly rally this decade, as Chinese manufacturing expanded and the International Monetary Fund reduced its estimate for bank writedowns. U.S. index futures and Asian shares gained. (Wed, 30 Sep 2009 13:38:10 GMT)

AirTran Airways bolsters cash position
The parent of discount carrier AirTran Airways said Wednesday it has reached deals to extend its credit card processing agreement with its largest card processor and to give itself more financial flexibility. The Orlando, Fla.-based company said the card... Sponsored Topics: AirTran Airways - Credit card - Business - Financial Services - Orlando Florida (Wed, 30 Sep 2009 14:15:09 GMT)

NRF Tells Committee Cash from Tax 'Carryback' Legislation Would Help Struggling Retailers Survive Holiday Season
WASHINGTON----The National Retail Federation told a House committee today that some retailers could be forced to lay off workers or close stores unless Congress moves quickly to pass “net operating loss carryback” tax legislation that would give them the cash they need to buy inventory for this year’s holiday season. (Wed, 30 Sep 2009 14:34:00 GMT)

AirTran Airways bolsters cash position
ATLANTA (AP) — The parent of discount carrier AirTran Airways said Wednesday it has reached deals to extend its credit card processing agreement with its largest card processor and to give itself more financial flexibility. The Orlando, Fla.-based company said the card processing agreement has been extended to Dec. 31, 2010. AirTran said it was not subject to any cash holdbacks as of Wednesday ... (Wed, 30 Sep 2009 14:46:13 GMT)

DOE competition offers $1M for hydrogen storage advance
WASHINGTON, DC - The U.S. Department of Energy (DOE)has launched the H-Prize competition, offering a $1 million cash award to the individual or team that creates the most advanced materials for hydrogen storage in vehicles. (Wed, 30 Sep 2009 15:11:43 GMT)

Consumers Save More Than $1 Million in Fees with GoodMoney Payday Loans; Not-for-profit Alternative Puts Focus on ...
As of August 2009, compared to average payday loan costs, GoodMoney has helped consumers throughout Wisconsin save more than $1 million dollars in fees by offering the not-for-profit payday loan alternative. Prospera Credit Union now offers its GoodMoney Turnkey Solution to credit unions nationwide. (Wed, 30 Sep 2009 15:35:00 GMT)

Issue of the Week: Regulating Payday Lenders
Plus Heroes and Jerks of the Week Payday lenders prey on the working poor by providing extremely high-interest loans (for example, a 10-week loan for $200 could cost an additional $200 in interest and fees). This issue was so serious (Wed, 30 Sep 2009 21:26:53 GMT)

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