Archive for May, 2013

The real pawn stars

Friday, May 31st, 2013

When people pawn things, theyve got four months and 10 days to get them, but when we buy items, we hold them for 40 days until cleared by law enforcement to ensure the stuff hasnt been stolen. Then we can dispose of it. For people like that young family, the pawn option is just a whole lot better. And I always want people to know the full range of options. Ive been through my own share of challenges, and I try to remember my own humanity when Im dealing with customers.

Working in Oroville, did Daniels see people pawning stuff because of losses at the casinos there?

I just dont see that as a driving force, she said. More often, we see customers coming in whove had a win and theyre looking to go shopping. Its not all tears and sad stories, Daniels adds. Its like a curio shop.

Women pawn their rings, Batha said, and then when they come back to get em out, theyll want to upgrade.

Besser hadnt said much throughout the interview, so I asked him if he had anything to add from the male perspective.

I think Ive lost my male perspective, he joked. I work in a little room with Danielle all day. And I like to think of myself as a compassionate and reasonable person. Were out to help people, and we want everyone to come out a winner.

My cynicism asserted itself, and I brought up the fact that they also engage in the business of making payday-advance loans at astronomical rates of interest.

We dont like the payday advance, either, Batha said, and I always tell customers how expensive those loans are, and I try to steer them to cheaper money, especially if they have something they can pawn.

Daniels nodded her assent. But, dont forget, she added, if youre just trying to squeak by until payday, and you need a tank of gas just to make it to work, that loan can be worth the interest paid, especially if you pay it off on payday. The problem comes for people when they start rollin em, taking out a new loan to pay down the last one. That can get people in deep trouble.

We offer a set of options, Batha explained. Some people just dont have anyone at all they can turn to for help. And we always try to steer them to pawning things rather than taking out payday advances. But for some people, when they use it carefully, a payday loan can be a workable solution to a temporary problem.

How about that fancy and expensive cowboy hat? Did they get many items of that kind?

We dont deal so much in super high-end merchandise, Besser answered, but we do get some surprises. Weve had musical instruments that have been pretty valuable, but we havent had that 1953 Les Paul guitar come through the door yet. We did get a very rare clarinet not long ago.

And how much of the stuff that people pawn is never reclaimed?

The number of people who dont come back to get their stuff is very small, Daniels said, something like 5 percent. Most things are redeemed from 10 days to four months after theyre pawned.

And she wanted it known that, though most people dont think of pawnshop operators as particularly community-minded, the two stores are contributors to community radio and active sponsors of local sports, including the Oroville soccer team.

A historian named Wendy Woloson recently published a surprisingly interesting book called In Hock: Pawning in America from Independence through the Great Depression. Commenting on that book, a reviewer observed: Surrounded on all sides by predatory lenders, rapid refund tax shops, and multinational credit card companies charging interest on interest, we might stop to notice the lowly pawnbroker. Unlike those other firms, pawnbrokers provide clear information about loan terms; they are explicit on the interest rate and any additional fees being charged, when the loan will come due, and how much money in total is required to retrieve collateral.

Wolosons research led her to conclude that far from being antagonistic and exploitative transactions, exchanges of objects for short-term loans have often been cooperative interactions, rooted in trust between the working poor who were trying to meet their needs and pawnbrokers who were trying to make a living.

That was precisely the impression I garnered after talking to Batha, Daniels and Besser, three local pawn stars whose daily reality may be similar to, but is quite different from, what viewers may have seen on TV or in the movies.

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Two Balance Transfers Means Payment Dilemma

Friday, May 31st, 2013

Dear Lets Talk Credit,

This concerns a major bank credit card. I wrote a balance transfer check in June 2012. I then wrote another balance transfer check in March 2013. The APR for both is 0% for the first 12 months. I calculated my payments so I would pay off these balances before there would be any interest charges, I thought. It turns out that the card issuer is distributing the payments equally on both transfers. This means that my older transfer will not be paid off before 12 months is up. Why cant the card issuer apply my payment to the older balance that has the same APR? There was no balance on the card before I did the transfers. I make monthly payments that are greater than the minimum. Thank you.

– Gary

Dear Gary,

The Credit Card Accountability Responsibility and Disclosure Act of 2009 specifies how card issuers must apply payments made on their credit card accounts. Unfortunately, no rule applies for how payments must be applied for balances with the same interest rate.

The Act requires card issuers to apply payment amounts in excess of the minimum amount due to the balance on the card with the highest interest rate. For example, lets say you have a credit card with a 12% interest rate for purchases, 0% interest for balance transfers and a 25% interest rate for cash advances. If you carry a balance on each of those different categories, payments in excess of the minimum would be applied to the cash advance balance until paid in full. Then payments more than the minimum due would be applied to the next highest interest rate balance.

Before this new rule, card issuers typically applied payments in excess of the minimum to the lowest interest rate balance. That meant that if you were carrying a cash advance balance and a purchase balance on the same card, the only way to significantly pay down the higher interest rate cash advance balance was to pay the lower interest rate balance in full. The change in how payments are applied is generally a good thing for consumers, since it more quickly pays off balances with high interest rates. However, it doesnt help in cases such as yours where a 0% interest or low interest offer has an expiration date and you have more than one balance on the card.

When your 0% interest rate expires on the balance you incurred in June 2012, the interest rate will be higher than the other 0% interest balance on your card. At that point, your payments in excess of the minimum due will be allocated to the higher interest rate balance. I know the goal was to avoid any interest payments, but I hope you can pay off the remaining balance quickly after the interest rate increases.

Your other option is to take advantage of the many 0% interest credit card offers on the market right now and open another credit card with another issuer. If you feel comfortable opening another card, you could transfer the amount owed on your first balance transfer before the 0% offer expires. Do your research and find a card that has no fees and read the fine print carefully. If you decide to take advantage of 0% balance transfers in the future, I recommend you keep only one balance per card so you stay in control of how quickly the balance is paid off.

Lets keep talking!

See related: CARD Act bans payment allocation trickery

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Clay places moratorium on payday licenses

Thursday, May 30th, 2013

By Lee Weyhrich

The Clay City Council on Monday declared a moratorium on check cashing, payday advance and title loan business licenses.

The order would not affect the one check cashing establishment already in the city limits, but it would keep new business licenses for this type of  business from being issued.

Local businessman Ron Self disagrees with the moratorium. According to Self, these businesses would bring revenue into the cash-strapped city. 

“We need to bring (businesses) in, rather than keep them out,” Self said, adding that two renters of his properties were cash advance businesses, and neither had ever had any problems.

Councilwoman Becky Johnson likened the debate over cash stores to an earlier moratorium on pawn shops. The residents of Clay came out in numbers to speak against any new pawn stores from doing business in city limits. Johnson believes the argument is the same for any business of this nature.

Pawn shops and other loan-based businesses are considered “adult” stores, according to current laws and are often lumped in with other adult-themed businesses for zoning and business purposes, City Manager Ronnie Dixon said.

“Center Point is trying to get rid of those businesses because theyve seen it increase their crime,” Councilman Kevin Small said. “(If we allowed this) its going to open Pandoras box. If were going to open Pandoras box we might as well do it all the way; pawnshops, adult theaters, adult bookstores, whatever.”

The resolution states the city is opposed to any business that can be seen as detrimental to the health, safety or welfare of residents. It further states payday advance businesses and their ilk “charge high fees that entangle borrowers in a vicious cycle.” The resolution also cites a 2011 study from American Society of Criminology that claims a correlation between payday lenders, violent crime and lowered property values.

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Payday lending: proposed standards for banks

Wednesday, May 29th, 2013

On April 25, 2013, both the OCC and the FDIC proposed guidance (the Proposals) on deposit advance productssmall-dollar, short-term credit that banks offer in competition with payday advance products offered by nonbanks.[1] The Proposals mark a new step in the regulation of deposit advance products and may foreshadow more extensive supervision and enforcement by the CFPB of large banks and nondeposit lenders that offer the same or competing products.[2] The Proposals came in the wake of the publication the day before of a study on payday loans and deposit advance products by the CFPB (the Study).[3]

Federal regulation of small-dollar, short-term credit has largely taken the form of notice and disclosure requirements based on consumer lending statutes, primarily (but not exclusively) the Truth in Lending Act. Examinations of banks engaged in the deposit advance business focus on managements ability to ensure compliance with the various federal disclosure and consumer protection statutes. The Proposals, however, take a more expansive view of the supervision and regulation of these products. Drawing on the regulators prudential authority, the Proposals look to the substance of the deposit advance business and would require banks to make determinations about borrower eligibility, suitability, and ability to repay and to consider the appropriateness of the economic returns on the business. Given the sweeping nature of the Proposals and the possibility that the CFPB could adopt a similar approach, any firm engaged in small-dollar, short-term lending, whether in the form of deposit advances or loans and regardless of the firms charter, should evaluate the Proposals with care.

The appropriate starting point is the Study. This document reviews considerable data on small-dollar, short-term products of both banks and nonbanks.[4] The CFPB draws two basic conclusions: (i) that consumers may not fully understand the costs, benefits, and risks of these productsnotably that the use of the products should (in the CFPBs view) be limited to immediate expenses where the debt can be retired in the next pay periodand (ii) that consumers may find themselves caught in a cycle of high-cost borrowing over an extended period of time. The CFPB promises further study into the factors contributing to sustained use of small-dollar, short-term credit products and into online versions of the product, with attention to the effectiveness of limitations, including cooling-off periods.

The CFPB has already issued examination guidelines for salary-advance loan products, but the study portends more intensive regulation. Although not specifically determining that any product or aspect of a product is unfair, deceptive, or abusive, the Study concludes by invoking the CFPBs regulatory authority to prevent unfair, deceptive, or abusive practices in the offering of financial products. Formal guidance may be a ways off, but the CFPB has authority to bring enforcement actions in advance of any such guidance.

Consumer Protection

The Proposals discuss in detail several underwriting policies and procedures that a bank should apply to its deposit advance program. We discuss many of these below, but, since banks do not appear to have suffered material losses in these programs, the underwriting requirements may be aimed more at consumer protection than at credit risk.[5] These requirements go well beyond the traditional disclosure standards. In particular, the Proposals address the following:

  • The review of an applicants financial capacity would be required to include an analysis of whether the borrower can repay the loan without needing to borrow repeatedly from any source, including re-borrowing, to meet necessary expenses.
  • In some cases, a bank should consider whether repayment through installments rather than through debiting a deposit account would be more appropriate.
  • A bank should adopt a one-month cooling-off period after repayment of a deposit advance.
  • Before increasing the credit limit for a borrower, a bank should engage in an underwriting reassessment. Additionally, a bank should review borrower eligibility every six months.


The Proposals would require a bank to underwrite the credit risk of a deposit advance to each borrower. Although many of the standards in the Proposals are familiar for long-term consumer lending, the short term and smaller principal amounts of deposit advances have historically made such underwriting unnecessary. Elements of an underwriting would include the following:

  • The length of a customers deposit relationship with the bank would be a threshold consideration.
  • Customers with delinquent or adversely classified assets would be ineligible for deposit advances.
  • In assessing an applicants financial capacity, a bank should review the customers account for recurring deposits and checks/credit/customer withdrawals over at least six consecutive months.
  • Certain of the consumer protection factors above also address credit risk, including the requirements for an underwriting reassessment before a credit limit is increased and for a review of customer eligibility every six months.


The Proposals would impose three standards on the economics of a deposit advance program. First, a bank would be directed not to place undue reliance on fees generated by deposit advance products for the banks revenue and earnings. Second, higher capital requirements may be necessary and would likely be modeled on the higher requirements for subprime mortgage loans. Third, a bank would be required to demonstrate and document that its Allowance for Loan and Lease Losses for a deposit advance program is adequate.


The Proposals incorporate the compliance requirements in earlier guidance on deposit advance products and small-dollar, short-term lending. The Proposals mention the following:

  • Banks must have programs in place for compliance with the Truth in Lending Act, the Electronic Funds Transfer Act, the Truth in Savings Act, the Equal Credit Opportunity Act, and Section 5 of the Federal Trade Commission Act.
  • Examiners will assess both managements ability to administer a deposit advance program and the boards oversight of the program.
  • Banks must demonstrate their ability to manage all of the risks arising out of the use of third parties in deposit advance programs, and the OCC and FDIC may conduct on-site reviews of third-party service providers.


Both agencies recognize consumers need for small-dollar credit products and encourage banks to provide them on a responsible basisloans with affordable, reasonable interest rates with no or low fees and payments that reduce the principal balance of the loan. Nevertheless, the Proposals would establish far more extensive regulation of deposit advance programs than now exists, including the imposition of formal consumer protection standards.

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Stillwater Police distribute wanted poster for cash-and-dash bandit

Tuesday, May 28th, 2013

Stillwater Police have distributed wanted posters for the cash-and-dash bandit throughout the city and to other law enforcement agencies in Oklahoma and border states, a police spokesman said Monday.

The wanted poster includes color security cam photos from Fridays armed robbery of the Check n Go, 211 N. Perkins Road. The photos provide the clearest picture to date of the cash-and-dash bandit, who has robbed 11 businesses in Stillwater and one in Perkins since January.

Some businesses around Stillwater have taped the wanted poster on their doors.

We have them out everywhere in town, Stillwater Police Capt. Randy Dickerson said.

The poster outlines the $5,000 reward for information leading to arrest and conviction of the suspect, who is described as armed and dangerous.

The bandit is a black male between the heights of 5 feet, 6 inches and 5 feet, 10 inches tall. He is of thin or medium build.

The poster asked anyone with information about the robberies to contact the Stillwater Police Department at 405-372-4171 or the anonymous tip line at 405-742-8327.

The cash-and-dash bandit has worn a variety of disguises and wields a handgun during the string of robberies. He primarily has struck convenience stores and cash advance businesses. He has robbed one restaurant.

In most of the robberies, he demands cash and flees on foot. So far, no one has been injured.

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InstaLoan Opens Location in Ocala, FL

Monday, May 27th, 2013

Ocala, FL (PRWEB) May 20, 2013

InstaLoan, a subsidiary of TMX Finance, opened its first location in the Greater Ocala, FL Area on Monday, May 13, 2013. This makes 82 locations throughout Georgia and Florida for the consumer finance company. Residents in the Ocala area can now get the fast cash they need with a customized loan from InstaLoan.

The new store is located at 2395 SW College Road, Ocala, FL 34471. Store hours of operation are Monday – Friday from 9:00 am to 7:00 pm and Saturday from 10:00 am to 4:00 pm The store can be reached directly at (352) 438-2232.

“The InstaLoan team is proud to serve the community of Ocala,” said Doug Marohn, Senior Vice President of Operations for InstaLoan. “We look forward to being a part of the local community and encourage those who may need our services to contact our new branch.”

InstaLoan offers several different financial solutions, including: 1st lien loans, signature loans, personal loans, and auto equity loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. To learn more about the loan products offered by InstaLoan, visit

InstaLoan has more than 80 locations throughout Georgia and Florida. Click to find a location near you.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to over 80 locations across Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, personal loans, and auto equity loans to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.

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Loan Offer Raises Questions Over Fees

Sunday, May 26th, 2013

A quick cash loan offer has left a borrower with higher fees than expected. The Better Business Bureau issued a consumer alert for Mobiloans.

Susan Mortensen of Omaha needed a small loan to pay some bills so she said a mailing from Mobiloan lead her to an on line sales pitch. It said, To find out how much you can borrow just click on apply now. So Susan did and entered her bank account number as requested. Susan said, I went on and applied just to see if I could get approved. They automatically accepted me and deposited money without ever asking me what I wanted. She got $1,200.

The Better Business Bureau reports 70 complaints about Mobiloans. The BBB issued a consumer alert. Omaha BBB President Jim Hegarty said consumers report not understanding what the loan involves and higher than expected fees. Hegarty said, Most of the payment goes toward interest so people make payment after payment after payment the theres little change to the loan amount.

Susan estimates if she continued with he loan payments it might cost her about $2,000 above the $1,200 she borrowed. Susan said, I accept responsibility for accepting the loan and making the payment. I just think it was shady the way they went about it.

Fact Finders found Mobiloans is connected to The Tunica-Biloxi Tribe in Louisiana. The State Of Washington where there have been complaints issued an alert stating the Tribe claims sovereign immunity and asserts it is not subject to regulation by the state.

Calls and Emails from Fact Finders to Mobiloans have not been returned for comment.

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Color of Money: A cheaper refinancing alternative

Saturday, May 25th, 2013

Do you have refinance envy?

Come on, you can admit it. You#x2019;ve been at an event or to church or having lunch with co-workers and someone brags about the interest rate she just got when refinancing her mortgage. You stay silent, grieving that you can#x2019;t take advantage of the low interest rates for mortgages.

You grumble when you read news stories about mortgage rates near historic lows, with rates on a 30-year fixed loan down to 3.42 percent last week. The rate for 15-year fixed mortgage was 2.64 percent, not far from the record low of 2.63 percent posted last November.

As mortgage rates fall, people are rushing to refinance. But what if you are 15 or 20 years into a 30-year mortgage and you don#x2019;t want to stretch the payments out again? Still, you can#x2019;t stand it that you are stuck at a 5 percent or 6 percent interest rate.

But there is a way to cut the amount you#x2019;ll pay in mortgage interest to achieve savings as if you refinanced., which publishes mortgage and consumer loan information, has created two calculators for homeowners who are unable to refinance at today#x2019;s low interest rates.

The company#x2019;s #x201c;PreFi#x201d; and #x201c;LowerRate#x201d; calculators help homeowners figure out how to attain a lower effective mortgage interest rate through prepaying their mortgage principal.

The PreFi calculator will help if you have a specific dollar amount available for prepayment each month. It calculates your interest savings over the remaining loan term and your effective interest rate as a result of making extra payments. The LowerRate calculator can be used if you want to aim for a specific interest rate.

#x201c;If you can#x2019;t refinance your mortgage but can afford to pay some additional money each month, that prepayment might save you as much as an actual refinance,#x201d; said Keith Gumbinger, vice president of

Gumbinger said he got the idea for the calculators because he was contemplating whether he should refinance his own mortgage. But he#x2019;s so far along in paying the mortgage down and the amount is so small, he wondered if it was worth the time and cost of refinancing.

#x201c;It#x2019;s hard to achieve measurable savings when you are in my situation and not interested in restarting the mortgage,#x201d; he said.

Let#x2019;s say you took out a $200,000 mortgage two years ago at 4.5 percent, which was the average 30-year fixed rate in mid-June 2011. You have an extra $200 a month you could apply to the mortgage principal.

Without prepayment, you will pay off your loan in 337 months (28.08 years). Total amount of interest you#x2019;ll pay: $147,819.88. With prepayment, you will pay off your loan in 244 months (20.33 years). Total amount of interest you#x2019;ll pay: $102,216.80. Your effective interest rate over those 244 months: 3.843 percent.

Here#x2019;s an example of how the LowerRate calculator works, using the same information. You want that 3.41 percent interest rate. So in the calculator, you would enter 3.41 to find out exactly how much extra you#x2019;ll need to pay each month.

To get the equivalent interest cost of a 3.41 percent refinance over a term of 28.08 years, you would have to prepay $167.10 every month #x2013; or just a little over $2,000 a year.

Of course the assumption is that you have the extra money to pay down your mortgage. But many people want to refinance because they want to lower their payment.

In that case, it may be worth considering a refinance, if you can qualify. Aside from savings, refinancing does free up cash you might need.

If you are not well-positioned financially #x2013; you#x2019;re not saving for retirement or college for your children, paying down other debts, such as credit cards #x2013; then prepaying your mortgage may not make sense, Gumbinger said.

Still, try out the calculators and prepay on your principal.

The next time someone is bragging about the lower interest rate they got, you won#x2019;t have to be envious.

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Sandiganbayan convicts Dapitan City ex-mayor for malversation of funds

Saturday, May 25th, 2013

MANILA, Philippines–The Sandiganbayan convicted former municipal mayor of Dapitan City for pocketing close to P1-million in confidential intelligence funds from 1998 to 2001.

In a 27-page decision, the anti-graft court through Associate Justice Efren De la Cruz sentenced Joseph Cedrick O. Ruiz to up to eight years imprisonment for violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act and an imprisonment of up to 18 years and one day for violation of Article 217 [Malversation] of the Revised Penal Code.

Besides imprisonment, the former mayor who was eventually appointed as judge of the Regional Trial Court in Makati, was also slapped with perpetual special disqualification from holding any public office, fined P950,000 equivalent to the amount malversed, and ordered to indemnify the city of Dapitan the sum of P950,000, plus interest.

Records showed that for the period from June 30, 1998 to June 30, 2001, Ruiz allowed Police Inspector Pepe E. Nortal to request, for and in his behalf, the withdrawal as cash advance the amount of P1 million from the CIF appropriated under the Office of the City Mayor for fiscal year 2001 “to address the peace and order situation of Dapitan City.”

Nortal testified that Ruiz could not make the cash advance himself as he had not liquidated his previous cash releases. Of the amount, P50,000 was handed to Nortal for the PNP expenses.

In convicting Ruiz, the Sandiganbayan stated that the timing of the P1-million cash advance was suspect as it was done on May 16, 2001 or five days after the May 11, 2001 elections, where he lost his bid for re-election.

“Accused Ruiz’s failure to satisfactorily explain where the money went is sufficient to conclude that he converted the same for his personal use,” the ruling stated.

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Business Cash Advance Company Elite Funding Announces New Streamlined …

Friday, May 24th, 2013

With the new streamlined funding process from Elite Funding, clients can now secure a business cash advance with more ease than ever before.


Business cash advance provider Elite Funding, available online at, has recently announced a new streamlined Funding Process for all of its customers. This updated system will help business owners easily obtain the working capital they need to meet their company goals.

“At Elite Funding, we believe in helping our clients grow their businesses without the financial strain and hassle that often accompany securing traditional funding. The latest updates we’ve made to our Funding Process will allow an even greater audience of business owners to take advantage of the fast, convenient working capital opportunity that a cash advance provides,” said Lenny Valdberg, CEO of the merchant cash advance company.

Merchant cash advances are an effective solution for the many challenges a small business typically faces. Elite Funding’s clients have used their working capital to buy more inventory to increase sales, to hire more employees to maximize revenue, or to renovate their facilities for an optimal shopping experience. Companies that secure a cash advance may also use their funds to expand to a new location, opening a host of additional opportunities for profit, branding, and marketing.

A business cash advance is a unique opportunity for a small business to grow without the restrictive terms of a traditional bank loan. Applicants do not need to have a lengthy credit history or any collateral in order to secure a cash advance. Elite Funding bases its decision on the strength of each applicant’s business, and provides critical funds in exchange for a fixed dollar amount taken from future credit and debit card sales. With no deadlines or late fees, flexible payment schedules, and many prepayment options, cash advances offer financial freedom to Elite Funding’s many valued customers. The business cash advance company serves an ever-expanding list of industries with specialized knowledge and customized funding programs. Now, its redesigned Funding Process will make working capital accessible to an even greater audience of small businesses.

Businesses begin Elite Funding’s new Funding Process by speaking with one of the company’s expert account specialists. These highly trained professionals are available to give each client one-on-one personal attention and to help applicants determine which of its programs is best suited to their needs. Once they have decided on a program, business cash advance applicants only need to provide their last three months of credit card and business bank statements along with the simple application form. Elite Funding will deliver contracts before closing on the same business day it receives an application. Once customers sign the agreement, funds will be automatically deposited into their business bank accounts, usually in as little as five days.

To learn more about Elite Funding’s available funding options, customers can call 1-877-332-8040 or visit The business cash advance company also connects with its clients on Facebook at and Twitter at, and it blogs about working capital sources at

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