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Payday loan laws vary from state to state, while they are illegal in 15 of them. The increased limits of payday loans in Tennessee aim to help the consumer, but also come with mixed opinions from financial experts, Nashville Ledger reports.
The benefit of a payday loan for the consumer is that it's easy to apply for and the money is often received within 24 hours, according to Chartered Financial Analyst.
Typically, a consumer will request a loan of a couple hundred dollars and be charged $15 per every $100 they borrow, as well as interest. Tennessee recently passed legislation that increased the payday loan limit to $500.
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According to a 2007 study conducted by the Missouri Division of Finance, the average annual interest rate of payday loans in the state was 445 percent, the Post-Dispatch reports.
Furthermore, a total of 2.43 million payday loans were made in the approximately 1,040 payday loan stores in the state, putting Missouri second only to Tennessee in terms of the number of licensed payday lenders in the Midwest.
The Columbia Tribune reports that Jim Bryan, treasurer of the Missourians for Responsible Lending, is leading a statewide charge against exorbitant interest rates by filing a proposal with the Secretary of State's office that would limit interest rates on short-term loans to 36 percent.
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Be advised: on 8/26/2011 phone numbers for CL Verify customers are changing.
Please update your records and begin using our new support number (listed below) effective immediately.
New Phone Number for
CL Verify Client Support:
(877) 676-1546, Option 1 |
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Administrator Training
Every 2nd Thursday
see} Training Details |
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Basic Training
Every Friday
see} Training Details |
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Collections Training
Every 3rd Thursday
see} Training Details |
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Decision Table Training
Every 2nd Tuesday
see} Training Details |
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OLA Fall Conference
Oct 9-10
Denver, CO |
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23rd FiSCA Conference
Oct 28-30
Orlando, FL |
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