Archive for January, 2014

Houston joins cities regulating payday, title loans

Friday, January 31st, 2014

The ordinance, approved by City Council on Dec. 18, mirrors laws adopted previously in Austin, Dallas, El Paso, San Antonio and other small cities.

“I had initially favored a Houston-specific measure, but decided that joining with other Texas cities in a united front on this issue is the best way to send a strong message to the Texas Legislature,” said Mayor Annise Parker. “Lenders deserve to make a profit on their investments, but not by charging astronomical interest rates to desperate consumers who have nowhere else to turn for emergency financial assistance. The statewide model I am recommending for approval by Houston City Council achieves this balance.”

Missouri City and Sugar Land are taking steps to limit new CABs through their respective zoning regulations. Bellaire elected officials have asked the city attorney for guidance in the event Houston’s CABs seek to relocate there.

Payday and auto title loans are high cost, small-dollar loans offered to individuals without credit checks and little consideration for their ability to repay. The initial term is typically two weeks to one month, with the term usually determined based on the borrower’s pay cycle. A borrower who fails to make a payment on an auto title loan could wind up losing his means to get to work and take his children to school.

Under existing Texas law, there is no limit to the fees that payday lenders and auto title businesses can charge and no limit on the number of times they can charge high-fees for essentially the same loan — often trapping borrowers in a cycle of debt where they are never able to pay down the loan. For example, a fast cash payday advance of $500 that is rolled over five or more times could wind up costing $1,200 or more.

The new law in Houston regulates these issues by:

Requiring payday loan and auto title loan businesses to register with the city annually;

Limiting payday loans to 20 percent of the borrower’s gross monthly income;

Limiting auto title loans to 3 percent of the borrower’s gross annual income or 70 percent of the vehicle value, whichever is less;

Limiting single payment loans to no more than three refinances or rollovers and installment loans to no more than four installments;

Requiring each installment, refinance, or rollover payment to reduce the total principal owed by at least 25 percent;

Defining a rollover or renewal as a loan within seven days of the previous loan;

Requiring loan agreements to be written in easy-to-understand language;

Requiring contact information for non-profits offering financial literacy and cash assistance.

A community-wide coalition of non-profit agencies had been rallying for passage of the ordinance this year. According to the Houston Fair Lending Coalition, nearly one-third of non-profit clients seeking financial assistance in 2012 were in trouble on payday or auto title loans. Loan rollovers accounted for 76 percent of all payday loan volume, the coalition said.

Coalition member AARP issued a statement Dec. 18 through its Texas state director, Bob Jackson, commending the action by Mayor Parker and the City Council.

“The vote today sends a strong message that Austin needs to get its act together and adopt meaningful payday lending reforms that will help the millions of Texans who still are at the mercy of abusive lending practices,” Jackson said. “Texans should be able to access short term loans at reasonable terms. They should be informed and protected consumers, rather than victims of predatory lending practices.

“It’s encouraging that a coalition of faith and community leaders and local officials has taken on an issue pitting money vs. morality and come out with a resounding victory that will help Houstonians avoid falling into money traps and seemingly endless cycles of debt.”

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TitleMax Focusing on Westward Expansion

Thursday, January 30th, 2014

Savannah, GA (PRWEB) January 08, 2014

TitleMax, one of the nation’s largest and fastest growing car title loan companies, displayed a significant amount of growth during 2013 and is continuing this trend. With 1,300+ brick and mortar locations across the country, TitleMax added an additional 45 stores throughout the westward states of Arizona, California, Nevada, New Mexico, and most recently Utah, bringing its total westward locations to nearly 120. The demand for this type of loan product is popular and, as a result, TitleMax is increasing its presence. Residents throughout these areas can visit these locations for all of their car title loan needs. To find a TitleMax closest to you, click Title Loans Stores.

TitleMax offers individuals with little, no, or even bad credit the opportunity to get a cash loan up to $10,000 based on collateral, not credit history. Store hours are Monday-Friday from 9:00 am to 7:00 pm and Saturday from 10:00 am to 4:00 pm

“Our focus is on meeting the needs of consumers looking for easy loan options,” said Otto Bielss, Senior Vice President of Operations for TMX Finance. “We will continue to open TitleMax stores where we believe we can help the most people.”

About Car Title Loans

A car title loan is a fast way for credit-challenged individuals to secure the short-term cash they need. To get a TitleMax car title loan, an individual must have a clear, or lien-free, car title and a government-issued ID. With these items an individual can obtain a loan up to $10,000, while still maintaining the use of their vehicle. No insurance is required, there are no credit checks and most loans can be completed in as little as 30 minutes.

About TitleMax

TitleMax, a subsidiary of TMX Finance, provides financial products to people without access to traditional credit alternatives. TitleMax has been a trusted consumer lender for over 15 years, helping hundreds of thousands of people in getting cash when they need it. Since its inception in 1998, TitleMax has grown to over 1,300 stores, spanning 14 states and provides car title loans to over 2,500 people each day. In some instances, TitleMax acts as a Credit Access Business and assists customers in obtaining loans through a third party.

Please visit http://www.titlemax.com for more information on car title loans and how TitleMax can be of service.

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Houston joins cities regulating payday, auto title lenders

Wednesday, January 29th, 2014

The ordinance, approved by City Council on Dec. 18, mirrors laws adopted previously in Austin, Dallas, El Paso, San Antonio and other small cities.

“I had initially favored a Houston-specific measure, but decided that joining with other Texas cities in a united front on this issue is the best way to send a strong message to the Texas Legislature,” said Mayor Annise Parker. “Lenders deserve to make a profit on their investments, but not by charging astronomical interest rates to desperate consumers who have nowhere else to turn for emergency financial assistance. The statewide model I am recommending for approval by Houston City Council achieves this balance.”

Missouri City and Sugar Land are taking steps to limit new CABs through their respective zoning regulations. Bellaire elected officials have asked the city attorney for guidance in the event Houston’s CABs seek to relocate there.

Payday and auto title loans are high cost, small-dollar loans offered to individuals without credit checks and little consideration for their ability to repay. The initial term is typically two weeks to one month, with the term usually determined based on the borrower’s pay cycle. A borrower who fails to make a payment on an auto title loan could wind up losing his means to get to work and take his children to school.

Under existing Texas law, there is no limit to the fees that payday lenders and auto title businesses can charge and no limit on the number of times they can charge high-fees for essentially the same loan — often trapping borrowers in a cycle of debt where they are never able to pay down the loan. For example, a fast cash payday advance of $500 that is rolled over five or more times could wind up costing $1,200 or more.

The new law in Houston regulates these issues by:

Requiring payday loan and auto title loan businesses to register with the city annually;

Limiting payday loans to 20 percent of the borrower’s gross monthly income;

Limiting auto title loans to 3 percent of the borrower’s gross annual income or 70 percent of the vehicle value, whichever is less;

Limiting single payment loans to no more than three refinances or rollovers and installment loans to no more than four installments;

Requiring each installment, refinance, or rollover payment to reduce the total principal owed by at least 25 percent;

Defining a rollover or renewal as a loan within seven days of the previous loan;

Requiring loan agreements to be written in easy-to-understand language;

Requiring contact information for non-profits offering financial literacy and cash assistance.

A community-wide coalition of non-profit agencies had been rallying for passage of the ordinance this year. According to the Houston Fair Lending Coalition, nearly one-third of non-profit clients seeking financial assistance in 2012 were in trouble on payday or auto title loans. Loan rollovers accounted for 76 percent of all payday loan volume, the coalition said.

Coalition member AARP issued a statement Dec. 18 through its Texas state director, Bob Jackson, commending the action by Mayor Parker and the City Council.

“The vote today sends a strong message that Austin needs to get its act together and adopt meaningful payday lending reforms that will help the millions of Texans who still are at the mercy of abusive lending practices,” Jackson said. “Texans should be able to access short term loans at reasonable terms. They should be informed and protected consumers, rather than victims of predatory lending practices.

“It’s encouraging that a coalition of faith and community leaders and local officials has taken on an issue pitting money vs. morality and come out with a resounding victory that will help Houstonians avoid falling into money traps and seemingly endless cycles of debt.”

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topcreditcardprocessors.com Names Merchant Cash and Capital as the Third …

Tuesday, January 28th, 2014

(PRWEB) January 15, 2014

topcreditcardprocessors.com has announced Merchant Cash and Capital as the third best merchant cash advance company in the month of January 2014. Credit card processing firms are scrutinized by the independent research team at topcreditcardprocessors.com to learn which firms produce the best merchant cash advance solutions. The rankings are reexamined on a monthly basis based on the most recent feats of contending merchant cash advance firms.

The independent research team at topcreditcardprocessors.com performs a thorough investigation of the payment processing services in order to remain informed of the latest achievements of competing merchant cash advance services. Competing services are investigated through the use of five areas of investigation in areas including availability, efficiency, reliability, customer support, and competitive rates. The rankings of top merchant cash advance services is reassessed based on the results of the investigation to highlight the top in the payment processing industry.

For a more systematic investigation of performing merchant cash advance companies, the independent investigation team at topcreditcardprocessors.com interviews client references of the top performing credit card processing companies. Customers are asked various questions about the solutions provided to them and about their experiences with the credit card processing company. Customers often go out of their way to reach topcreditcardprocessors.com directly to tell of their experiences and opinions pertaining to credit card processing solutions.

Merchant Cash and Capital has been investigated as a part of the veracious evaluation and has earned their standing as the best merchant cash advance service. Through strong customer referrals and high scores in each of the five areas of evaluation, Merchant Cash and Capital has passed each phase of the evaluation process. Those searching for a solid merchant cash advance service to assist them should consider Merchant Cash and Capital.

About Merchant Cash and Capital

Merchant Cash and Capital provides businesses with effective cash and capital loans with a fast application process. Businesses can be approved and receive their cash advance within 72 hours while paying for the advance with a percentage of their future sales based on a history of their current sales. Merchant Cash and Capital provides the service with no fixed payments, no application fee, and no closing costs to help businesses improve their cash flow.

About topcreditcardprocessors.com

topcreditcardprocessors.com is a provider of payment processing information. The central goal of topcreditcardprocessors.com is to decide and name those individuals or services providing best payment processing solutions available. Merchant cash advance services are put through a in-depth evaluation to ensure the listings contain the absolute best services the payment processing industry has to offer.

To learn more about Merchant Cash and Capital, visit:

http://merchant-cash-and-capital.topcreditcardprocessors.com

To view the rankings of the best merchant cash advance services, visit:

http://topcreditcardprocessors.news-prs.com/us/merchant-cash-advance-rankings

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InstaLoan Focusing on Southward Expansion

Monday, January 27th, 2014

Savannah, GA (PRWEB) January 11, 2014

InstaLoan, a subsidiary of TMX Finance, is expanding its geographic footprint southward. Since January 2013, the consumer finance company has opened more than 65 locations throughout Georgia and Florida. In Florida alone, it has opened 15 stores including locations in Ft. Myers, Gainesville, Jacksonville, Pensacola, Orlando, Tallahassee, Tampa, and West Palm Beach. Individuals in these areas can now get the cash they need through a variety of different loan options including: 1st lien loans, personal loans, and signature loans.

InstaLoan plans to open an additional 30 stores throughout Florida in 2014. Locations have already been identified in the following areas: Miami, Ft. Lauderdale, Tampa, St. Petersburg, and Orlando.

“We experienced an incredibly positive response from consumers this previous year,” said Linda McDonald, Vice President of Operations for InstaLoan. “The demand for short-term, instant cash is increasing and we are focusing on providing financial assistance to as many people as possible.”

InstaLoan offers a variety of different financial solutions, including: 1st lien loans, signature loans, and personal 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. Hours of operation are Monday – Friday from 9:00 am to 7:00 pm and Saturday from 10:00 am to 4:00 pm and our stores can be reached by calling 855-849-LOAN. To learn more about the loan products offered by InstaLoan, visit http://www.instaloan.com.

InstaLoan has more than 120 locations throughout Georgia and Florida and plans to continue its growth this year. Click http://www.instaloan.com/locations 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 120 locations in 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, and personal 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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topcreditcardprocessors.com Announces Fidelity Advance, Inc as the Second …

Sunday, January 26th, 2014

topcreditcardprocessors.com Announces Fidelity Advance, Inc as the Second Best Merchant Cash Advance Company for January 2014
topcreditcardprocessors.com acknowledges Fidelity Advance, Inc as the second top merchant cash advance consultant for January 2014.

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Alaskan to Lead Firm Overseeing Gold Project

Sunday, January 26th, 2014

Irwin says the moves are designed to conserve cash, advance discussions with other companies and continue environmental studies required for permitting.
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White Pine Expands Pawnbroker Services With Cash-Advance Option

Saturday, January 25th, 2014

NEW YORK, NY–(Marketwired – Jan 7, 2014) – White Pine Trading LLC (White Pine), one of the worlds largest recycled diamond companies, is expanding its already robust suite of diamond liquidation services for the pawnbroking industry by rolling out a unique cash-advance program that could allow sellers to bolster cash flows while White Pine looks for the best price through its international sales events and brokerage.

Over the past year, White Pine field-tested this service with more than 10 pawnbrokers around the country.During the pilot program, veteran diamond experts from White Pine worked with pawnbrokers to appraise their diamonds and provide cash advances of approximately 75 percent of those market-based appraisals.Typically, this would amount to a one-month extension of credit.

Owners of pawnbroking businesses across the country continuously stressed the importance of cash flow, said Myles Schakler, Director of Sales for White Pine.White Pine created this program in direct response to this need.Our goal is to help pawnbrokers further their business in todays highly competitive and global marketplace by giving them immediate access to cash even while we identify potential purchasers for these goods through our global sales events or brokerage program.

By submitting their diamonds to White Pines global sales events and daily brokerage program, the company believes that pawnbrokers gain maximum exposure and are better positioned to achieve real market prices. White Pines global network includes more than 3,000 diamond wholesalers, jewelry manufacturers and dealers in 11 countries.

White Pine also believes that pawnbrokers benefit from the advice and global contacts of these experts, who identify target markets and customers from Manhattan to Mumbai.

Speed is one of the hallmarks of our turnkey approach for pawnbrokers, which typically enables us to move inventory within 30 days of the initial cash advance, added Schakler.Were proud to be able to help this important sector of the US jewelry business.

To learn more about the cash advance program and White Pines other services for the pawnbroker community, visit http://www.whitepinediamonds.com or contact Myles Schakler at myles@whitepinediamonds.com or 646-758-0250.

About White Pine Trading LLC: White Pine Trading LLC, one of the worlds largest recycled diamond companies, has offices in New York, Birmingham (UK) and Tokyo, and buyers across the United States, United Kingdom, Europe, Japan, and Australia.The company buys recycled, polished diamonds of all sizes and grades, either loose or in second-hand diamond jewelry — from the smallest melee to diamonds one carat and above.White Pine sells its loose diamonds in global sales events, daily brokerage and the remainder in the jewelry it manufactures.The companys White Pine Jewelry Solutions division provides consulting and other services to retailers, manufacturers and wholesalers, and the industrys asset-based lenders.

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Cash Advance USA Relaxes Credit Requirements for Loans in 2014

Saturday, January 25th, 2014

NEW YORK, Jan. 8, 2014 /PRNewswire-iReach/ — The holiday season may be over but the debt accumulated from holiday shopping during the last quarter of 2013 (Q4 2013) continues to haunt millions of borrowers. According to some surveys, nearly 57 percent of individuals reported that they would take on additional debt to support their purchases and those with income levels under $35,000 were willing to assume an additional $700 in debt.

With debt accumulation numbers edging at nearly 60 percent in Q4 alone, it would be no surprise if some may have already defaulted on their very first installment while others would be struggling to repay the minimum balance every month. Add to that pressures from a low-income producing holiday season for entrepreneurs and individuals enjoying vacation and travel time without pay.

Nearly 75 percent of applicants who approach us for low interest cash advance loans report at least some credit issues on their application. We cant continue to ignore such a large proportion of borrowers and in response to their requests, we have eased credit requirements for our cash advance and payday loans in 2014, explains Mark Miller, founder of http://www.cashadvanceusa.net.

For most individuals, the credit score (FICO) ranges from 300 to 850 and based on numbers released by Cash Advance USA, there are plenty of loan options for individuals within the lower echelon of the spectrum. In fact, cash advances are considered a potent option due to their historic preference for credit leniency. Millers company has taken that a step further and has worked with lenders to reduce the credit requirements even further. In some instances, lenders circumvent the credit check process entirely.

Finally, for individuals desirous of using funds from their pay day loans as a temporary form of finance, Miller offers the following debt reduction tips:

Meticulous craft a budget that would help you pay off your debt. Take stock of all your income sources and expenditures and after allocating a small reserve, consider paying off as much of your loan as possible.

Aggressively trim as many expenses as possible and consider including an additional income source.

Regularly monitor your credit rating. If you repay your loan on schedule, your credit scores will slowly start improving, especially if the lender reports your transactions to all major credit bureaus.

Consider paying more than the minimum requirement. This will help you clear out the debts sooner. As an added bonus, your credit scores will improve as well. In fact, nearly a third of your credit score boost comes from your payment history alone.

Seek professional assistance if you need help with managing both your debt and credit. Many non-profit organizations offer free counseling. All it takes is one phone call.

Cash Advance USA specializes in providing a wide range of personal loans. With a network of hundreds of lenders, the company offers customized options for individuals in need of loans. The companys programs cater to bad credit borrowers as well. With its latest announcement, credit requirements will be loosened even further in 2014.

To request a quote from a pre-screened lender, please visit http://www.cashadvanceusa.net/payday-quote.html today.

Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, info@cashadvanceusa.net

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Cash Advance USA Ltd

RELATED LINKS
http://www.cashadvanceusa.net

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Ten Top Merchant Cash Advance Consultants in Canada Disclosed in January …

Friday, January 24th, 2014

(PRWEB) January 18, 2014

topcreditcardprocessors.ca has announced the best merchant cash advance agencies in Canada in the payment processing industry for the month of January 2014. Thousands providing services within the industry are researched in order to learn which agencies provide the most capable services to businesses in need. Businesses looking for capable payment processing agencies to assist them access the ratings online to identify agencies which have been tested by an independent third party.

In order to produce the top rankings possible based on the most detailed evaluation of merchant cash advance companies the independent research team spends countless hours analyzing industry trends and market research. Each showcased merchant cash advance agency has been tested across five verticals of evaluation. The five verticals are critical to uncovering the comparative performance of the agency in relation to major competitors within the industry. To produce an even more detailed evaluation the independent research team also contacts a minimum of three client references of competing merchant cash advance companies.

The 10 best merchant cash advance agencies in Canada for January 2014 are:

1- Advanceit Financial Corporation

2- Merchant Advance Capital Ltd.

3- National Debit Card network

4- Canaidan Capitl Advance

5- Mercantile Advance

6- BC Capital, Inc.

7- Securus Payments

8- Synergy Merchant Services Inc

9- Merchant Fast Cash

10- Canadian Payments Services

About topcreditcardprocessors.ca

topcreditcardprocessors.ca is a producer of payment processing evaluations in Canada. The primary goal of topcreditcardprocessors.ca is to learn and announce those individuals or services supplying top payment processing solutions available. Merchant cash advance services are put through a systematic evaluation to ensure the rankings contain the absolute best services the payment processing industry has to offer.

The 10 top merchant cash advance companies for January 2014 can be found at:

http://topcreditcardprocessors.news-prs.com/ca/merchant-cash-advance-rankings

Merchant cash advance firms interested in being evaluated and published can visit:

http://topcreditcardprocessors.news-prs.com/ca/apply-for-rankings

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