Archive for September, 2014

Police seek two in West Nashville attempted robbery

Tuesday, September 30th, 2014

Metro police are looking for two masked men who tried to rob a West Nashville cash advance store at gunpoint last week.

Police said the two gunmen approached the Easy Money store on White Bridge Road as the manager was opening it for business last Friday morning. When the suspects demanded she open the store’s safe, she told them she could not do so until later, according to a release from the Metro Nashville Police Department.

The suspects allegedly forced the manager into their vehicle and drove her to another location. She eventually got out of the car and fled back to the store on foot, police said.

Police said a third accomplice may have contacted the suspects by phone.

Authorities urge anyone with information about the suspects or the incident to contact Nashville Crime Stoppers at 615-74-CRIME or

Reach Brian Wilson at 615-726-5970 and on Twitter @brianwilson17.

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Cash America Announces Exit of Mexico and Colorado Markets

Tuesday, September 30th, 2014

FORT WORTH, Texas–(BUSINESS WIRE)–Cash America International, Inc. (NYSE: CSH) announced today that it has
exited two non-strategic markets through the sale of its 47 pawn lending
locations in Mexico and its 5 pawn lending locations in Colorado. The 47
locations in Mexico and the 5 locations in Colorado represent all of the
Companys stores in each of those markets. After the completion of these
two transactions, the Company will operate 864 lending locations in 21
states with $256.5 million in pawn loan balances, based on pawn loan
balances outstanding as of JuneĀ 30, 2014.

Commenting on the transactions, Daniel R. Feehan, President and Chief
Executive Officer of Cash America said, “Over the last two years Cash
America has added 132 pawn lending locations primarily through
acquisitions. The addition of this group of pawn locations expanded our
presence in strategically important markets for our business, including
Texas, Georgia, Tennessee and North Carolina. The decision to exit the
non-strategic markets of Mexico and Colorado will allow us to focus our
resources and efforts on driving growth and enhancing the customer
service in our overall network of coast to coast locations in the United

About the Company

Excluding the 52 locations mentioned above, as of June 30, 2014 Cash
America International, Inc. (the “Company”) operated 952 total locations
offering specialty financial services to consumers, which included the

  • 864 lending locations in 21 states in the United States primarily
    under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday
    Advance,” and “Cashland;” and
  • 88 check cashing centers (all of which are unconsolidated franchised
    check cashing centers) operating in 12 states in the United States
    under the name “Mr. Payroll.”

Additionally, as of June 30, 2014, the Company offered consumer loans
over the Internet to customers:

  • in 33 states in the United States at
  • in the United Kingdom at,,,
  • in Australia at;
  • in Canada at;
  • in Brazil at

For additional information regarding the Company and the services it
provides, visit the Company’s websites located at:

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Paragon Financial Group Publishes Article Showing Warning Signs of a …

Monday, September 29th, 2014

FORT LAUDERDALE, Fla., Aug. 28, 2014 (GLOBE NEWSWIRE) — via PRWEB – Paragon Financial Group, Inc. publishes article discussing the warning signs of a merchant cash advance market bubble. The article looks at the lack of access to small business loans and how merchant cash advance (MCA) lenders have stepped in to fill the demand. It continues to discuss the high growth in the MCA industry and dangers of MCAs high interest rates of 60%.

As stated in the article, With the limited funding options available for US small business there is an increased number of entrepreneurs using MCAs for more than just a short-term cash crunch. Very similar to payday loans for consumers, this type of loan does not solve long-term cash-flow solutions, said Chris Curtin, Paragon Financial Group EVP.

MCAs high-risk financing has a much higher default rate than non-bank financing. A large number of defaults would make a negative impact on MCAs availability. Investors will no longer see MCAs as being viable, said Curtin. Companies that became reliant on these loans have the potential to default in mass. This type of pattern is very similar to what happened in the sub-prime mortgage industry bust.

Read the article here

About Paragon Financial Group

For 20 years, US companies across all industries have been choosing Paragon Financial to meet their working capital needs. From government contractors to distribution companies, from staffing firms to manufacturers, business owners have successfully grown their companies with Paragon Financials invoice factoring, AR management, credit protection and purchase order financing programs. To get funded now, please call 888-271-9347 or visit

This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit

Paragon Financial Group, Inc.
Paul Joachim

+1 4073126114

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Senate Gives Approval for 1bn$ External Loan

Monday, September 29th, 2014

The Senate on Thursday approved a request for external borrowing of not more than N1 billion dollars by President Goodluck Jonathan to tackle security challenges in the country.

This followed the consideration of the report of the Joint Committees on Finance, and Local and Foreign Debts on the loan request at plenary in Abuja.

The Chairman of the Committee on Finance, Sen. Ahmad Makarfi (PDP-Kaduna), who presented the report, said the facility was not a cash loan but supply of military hardware to be paid over seven years.

He said in view of the urgent need to restore normalcy in the country and since the loan did not attract interest, Nigeria should take advantage of the opportunity.

According to him, the requested loan was for helicopters, ships, armament and hardware.

The 12 nos. M135 Helicopters being requested for now are appropriate for the nature of the operation and the terrain.

Belarus has accepted to give helicopters on the condition of installment payment over a seven-year period.

Other hardware, armament and equipment will be bought on the same terms from other European countries, he said.

Makarfi further said the joint committee discovered in its findings that the number of helicopters in the fleet of the Nigeria Air Force was inadequate for effective deployment.

He said the reason for inadequate helicopters was due to inadequate funds for maintenance and recent burning of two helicopters by insurgents in Maiduguri.

He further said that no new helicopter had been added to the fleet since 1998.

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Personal bank loans available only to Emiratis

Sunday, September 28th, 2014

ADIB Al Khair Settlement

Benefits: From 4.99 per cent. Ideal for those who need to consolidate multiple debts, this Islamic finance option is available to those earning more than Dh5,000. Up to Dh 3million can be borrowed. There are no processing fees, and the loan includes free job-loss protection. Applicants also have the chance to win 24 times their salary.

Watch out for: To be eligible for lower rates you need to transfer your salary to the bank.

CBD Personal Loan for UAE nationals

Benefit: From 5.75 per cent. Offering finance of up to Dh2m, this cash loan for Emiratis earning more than Dh8,000 also comes with a current account with a waived minimum balance requirement and a free debit card. Customers can also defer two payments a year.

Watch out for: There are a number of fees including a processing fee of 1 per cent of the loan amount and an early settlement fee of 1 per cent of the remaining balance.

Emirates NBD UAE National Loan

Benefits: From 4.99 per cent. With a maximum finance amount of Dh3 million in cash with no end use declaration, this loan, with a reducing rate, is available to Emiratis earning more than Dh15,000 whose salary transfers into Emirates NBD. The bank offers a seven-day return option on the loan.

Watch out for: There is a one-time handling fee of 1 per cent of the total loan. Only those whose employer is on Emirates NBD#x2019;s approved list of employers can apply.

Follow us on Twitter @TheNationalPF

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HCSO looking for men who robbed cash advance store

Sunday, September 28th, 2014


The Harris County Sheriffs Office is looking for two men who robbed a cash advance store.

The incident happened around 3 pm on July 28 on the 10800 block of West FM 1960.

Authorities say the men entered the store pretending to be customers. Thats when one of the men pulled out a handgun and demanded a store employee to the floor.

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Is a Personal Line of Credit Right for You?

Saturday, September 27th, 2014

Your best client owes you $25,000 — you know theyll pay, but in the meantime, bills are due. You work on commission and your income, while excellent annually, is a roller coaster month to month. Bottom line: Your financial boat is temporarily swamped.

A personal line of credit may be able to bail you out, but its important to understand how it compares to other credit options.

A personal line of credit is an unsecured revolving account with a variable interest rate allowing you to borrow money as you need it, says Natalie M. Brown, vice president of consumer lending communications for Wells Fargo. A personal line of credit may be cheaper than a credit card cash advance, more flexible than a personal loan and wont require collateral as does a home equity line of credit. But its not for everyone.

How it Works

The maximum amount you can borrow varies widely based on your financial institution and credit qualifications. Citis top credit limit is $25,000, while SunTrust allows lines of up to $250,000. At Wells Fargo, the range is $3,000 to $100,000, Brown says.

You wont necessarily have to say what you want the money for when you apply, but you could. It will depend on the lender and the amount being borrowed, says Nessa Feddis, senior vice president and deputy chief counsel for the American Bankers Association.

You can access your personal line of credit by check, phone or online, Brown says, adding that your monthly payments depend on how much you owe. For example, the minimum payment at Wells Fargo is $25 or 1% of the balance owed, plus the total of all finance charges and fees. The bank charges a $25 annual fee, Brown says, an amount that found to be typical.

Who Qualifies for a Line of Credit?

Because personal lines of credit are not secured with collateral, they are generally offered to customers with a strong credit history who not only have a strong credit score but also can demonstrate an ability to repay the line, Brown says.

The better your credit rating, the more likely you are to get a personal line of credit on good terms, says Mike Sullivan, director of education for Take Charge America, a nonprofit credit counseling agency based in Phoenix. Every institution sets rules and standards and those standards change rapidly based on competition and other factors, he says. I would guess that someone with a 650 FICO could find a willing lender, but I have no real knowledge of actual terms at multiple institutions, Sullivan says.

People who take out personal lines of credit usually are not in a situation with no other options. They often have assets such as certificates of deposit, bonds or stock accounts, or a retirement fund but dont want to cash out those assets, Sullivan says. For example, if you borrow from a retirement account and cant or dont repay it, youll have to take a penalty and pay interest, he says. Those options may cost you a lot more, he says.

Why you might need one
For people who work on commission or otherwise have irregular income, a personal line of credit can smooth out finances, Sullivan says. If you have uneven cash flow, occasionally you may have a cash flow issue, he says. A personal line of credit is something that a person can access on a regular or irregular basis to get from a bad month to a good month.

Sullivan once suggested a personal line of credit to a client who needed to close on the purchase of a vacation home a month before he could finalize the sale of another house. He was concerned about having to withdraw $15,000 from a retirement fund to do that, Sullivan says. I suggested a personal line of credit to him as a one-time option and it worked very well.

Another reason credit counselors might recommend a personal line of credit is to pay a tax bill, says Sheri L. Stuart, senior communications specialist for Springboard Nonprofit Consumer Credit Management, in Riverside, California.

When to Back Off

Student loans are a different story. Because of tight federal regulations on education loans, youd likely have trouble being approved if you tell the lending officer you want to use a personal line of credit to pay for college, Feddis says. The Federal Reserve Boards amendments to the Higher Education Opportunity Act stipulate that creditors that extend private education loans must provide disclosures about loan terms and about federal student loan programs that may offer less costly alternatives.As a result, banks are wary about offering lines of credit for such purposes.

In addition, a personal line of credit is not intended to allow you to buy things you cant afford, Sullivan says. If your problem is an imbalanced budget, a personal line of credit is not the answer.

If you lack financial willpower, a personal line of credit is a bad idea, Stuart adds. You have pretty quick access, she warns.

Comparing Borrowing Costs

Before you decide to take out a line of credit, compare the costs to other types of credit that may be available to you. Look at the annual percentage rate (APR), whether and how much the APR can change, any fees to access the line, annual fees, late payment fees and fees for other issues, Sullivan says.

Interest rates vary widely even from the same financial institution. For instance, Citis advertised rates range from 7.74 to 21.99% APR. Citi and other financial institutions offer interest rate reductions for borrowers willing to have payments deducted automatically from their bank accounts. At Citi, the reduction is 2.5 percentage points.

Wells Fargo, which is promoting personal lines of credit through September 2014, is offering rates as low as 7%, with a one percentage point reduction for qualifying customers with a Wells Fargo checking account.

Line of Credit Versus a Personal Loan

A personal line of credit allows you to borrow only the money you need and offers a variable interest rate that is generally lower than fixed loan rates, Brown says. Your payments are variable depending on the outstanding balance, she says.

In contrast, a personal loan is best suited for paying off a high-interest debt that carries a fixed interest rate and fixed monthly payment, Brown says. You receive the entire loan amount up front and it provides easy budgeting that can help you pay down high-interest debt at the end of the term, she says.Wells Fargo personal loans offer fixed interest rates over a fixed term, which allows a customer to know precisely when their loan will be paid off, Brown notes.

Although some people use a personal line of credit as a consolidation loan to pay off credit card debts, Brown and Sullivan recommend against it.

Its possible mathematically to save money, but thats highly unusual, Sullivan says. If you have already maxed out all your credit cards and youre thinking Where can I go to get more money? a personal line of credit is a bad idea. A person who has debt issues is unlikely to qualify for a personal signature loan or line of credit but even if they qualify, they are going deeper into debt. This is much like taking out payday loans because there are no other options. It represents uncontrolled borrowing and is a sign of impending default.

If youre not disciplined enough to avoid borrowing more than you can reasonably pay back, skip the line of credit, Stuart says.

Line of Credit Versus a Credit Card Cash Advance

Credit card cash advances are similar to personal lines of credit in that you get only the money you need when you need it. But credit card APRs tend to be higher than those of lines of credit. In my experience, credit cards run at least 13% APR even for consumers with good credit, Sullivan says. A personal line of credit is typically less and often under 10% for someone with good credit.

But thats not always the case, so be sure to check. Credit card cash advances also come with higher APRs than a cards purchase APR as well as extra fees, which youll need to compare with the fees on the line of credit youre considering.

Personal Line of Credit Versus HELOC

If you own a house, a home equity line of credit is another option you might want to consider instead of a personal line of credit. The interest rate on a HELOC generally will be lower because the home is used as collateral, Brown says.

However, whenever you use collateral you are putting that collateral at risk. If you cant repay the HELOC you can lose the house. A personal line of credit is not secured, so it is a safer loan for the consumer, Sullivan says.

A HELOC may also not be right for you if youre upside on your mortgage and thus have no equity. In that case, you likely wont qualify for a HELOC, Brown says.

Experts differ on whether a personal line of credit is a good idea in that situation.I dont think youd be a good candidate for a personal line of credit if youre already upside down on your home, Stuart says. A personal line of credit is not secured. You already look like a financial challenge [to a lender].

Not so, argues Feddis. A lack of home equity doesnt show up in your credit report, she says. Just because the value of someones home declined in a huge real estate bust, thats not predictive of whether they can pay a loan back. If you have a strong credit history, thats heavily weighted when youre seeking a loan.

Impact on Your Credit Score

One final point to consider when weighing a line of credit is the impact it will have on your credit score. In credit scoring, a personal line of credit is treated as an open line of credit, says Maxine Sweet, president of public education for the credit reporting company Experian.

If they havent used it, it should help their credit utilization and thus their score, Sweet says. If they have used a high percentage of the line of credit, it could negatively impact their scores due to high utilization.

See related: Landing and maintaining an unsecured line of credit for your business, Using personal loans to pay off credit card debt, Compare 8 home improvement financing choices

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Pair found with 16 fake credit cards after trying to trick Hoboken bank …

Saturday, September 27th, 2014

HOBOKENAs Hoboken police questioned a Boonton woman on Monday about her alleged role in a fake credit card scheme, she texted her partner a warning: Run police.

The message led police to arrest Marina Kennedy, 23, and the man she texted, Charles Cherry Jr., 22, of New York, NY, according to city police reports. The pair were arrested on credit card theft and fraud charges after Kennedy was caught allegedly trying to get a $500 cash advance with a fake bank card from a TD Bank on Hudson Street. Officers later found 16 fake credit cards in Cherrys car, according to police reports.

Managers at the bank called police after noticing that certain numbers were missing from the card and calling Citibank, which said the account on Kennedys card didnt exist, police said. Police questioned Kennedy inside an office in the bank, and she began texting someone on her phone, police said. She told police that she was at the bank alone, but when the officer asked if he could see the messages she was sending on her phone, she showed a text to Cherry: Run police.

Police arrested Kennedy, but as they rode to Hoboken police headquarters, she informed the driving officer that Cherry her partner in the credit card fraud was following them in his car, according to police reports. The officer pulled over near 1220 Hudson Street and approached Cherrys car, according to police reports. When Cherry got out of the car, the officer saw several fake credit cards stashed into the drivers side door, police said.

The 16 fake cards all had Marinas first and last name. The two face credit card theft and fraud charges. Cherry was issued a summons for driving without a license.

Kathryn Brenzel may be reached at Follow her on Twitter @katiebrenzel. Find on Facebook.

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Fact Check: Goddard right; Reagan backed payday loans

Friday, September 26th, 2014

ANALYSIS: Payday loans provide borrowers with a short-term cash advance, generally less than $500. Borrowers write a check or give the lender access to their checking accounts with the agreement that the lender will cash the check after the borrower receives their next paycheck.

Interest on the loans is high, with rates averaging 400 percent, compared with credit-card interest rates of 12 to 30 percent, according to the federal Consumer Financial Protection Bureau.

Before 2000, Arizona prohibited loans with interest rates higher than 36 percent. That year, the state legalized what it called deferred presentment transactions — better known as payday loans — for 10 years. Despite efforts in 2008 and 2010 to extend the loans legality, they became illegal in July 2010.

The Reagan quote cited by Goddard comes from a December 2009 article in the Arizona Capitol Times, while she was a member of the Arizona House. With the sunset approaching, the newspaper queried Republican lawmakers on their plans to extend the loans or let them expire.

Theyre providing a service that people seem to enjoy, Reagan said. It doesnt seem like a rip-off to me.

She reiterated her support for the loans in a second article in January 2010, saying the interest rates make the loans seem like a worse deal than they are.

It costs more to bounce a check, she said. So, if you need a bag of groceries and the two options are go to write a bad check or go to one of these places, its actually a benefit and cheaper (to borrow from a payday lender).

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New Richmond police seek suspects in armed robbery

Friday, September 26th, 2014

Police say this surveillance photo captured one of the suspects in an armed robbery in New Richmond, Wis., on Friday. He and another male walked into an Advance America Cash Advance store, displayed a handgun, demanded money and left with cash, according to police. Anyone with any information about the suspects is asked to call (715) 246-6131. (Courtesy of the New Richmond Police Department)
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