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Beat the Heat With a Cool Cash Advance

Don’t Indulge in Summer Fun if You Won’t Have Anything Saved for Winter

by Kevin Schneider on August 12, 2011

It’s the dead of August, and people around the country are doing their best to stay out of the sun. With Texas, the Southeast, and Midwest all suffering from extended heat waves, making sure your air conditioning stays on can be a case of life or death. You could use your payday loan cash on a short-term solution like a day splashing down waterslides and people watching at a waterpark, but you should be sure that your utilities aren’t going to be turned off while you’re away first.

According to the National Weather Service the heat during an average summer will claim about 175 American lives. While the elderly are the ones most commonly affected by lethal heat, everyone can be in danger. “Sweating, by itself, does nothing to cool the body, unless the water is removed by evaporation, and high relative humidity retards evaporation. The evaporation process itself works this way: the heat energy required to evaporate the sweat is extracted from the body, thereby cooling it.”

So how can you survive the summer? A lot of people may have various recommendations, for example, did you know kangaroos cool down by licking their forearms? As the saliva evaporates, it causes a cooling effect. This won’t work for humans, though. Kangaroos have evolved so that many of their main blood vessels are concentrated there.

For us humans, the NWS says to try and stay indoors, in air-conditioned places, drink plenty of water, and try to avoid strenuous activity. If you find yourself behind on bills in the summer, it’s important that you realize just how important maintaining an air-conditioned home can be. Getting a cash advance can be just the boost your finances need to keep the power on.

Elizabeth Warren Resigns From Consumer Financial Protection Bureau

Move Comes Shortly Before Official Operations of Consumer Protection Agency Begin

by Kevin Schneider on August 11, 2011

Only days before the Consumer Financial Protection Bureau was to open, one of the main figures behind its construction, Elizabeth Warren, has resigned as its director. The interim director has been named as Raj Date while Congress approves the nomination of a new director.

Raj Date has been serving as the associate director of research, markets, and regulations, but will now become a special advisor to Treasury Secretary Timothy Geithner and run the daily operations of the organization.

It is unclear how long it will take for a replacement for Date to be approved. President Obama has already named a nominee, Ohio Attorney General Richard Cordray, for the post, but he has been met with strong conservative opposition. A total of 42 senators have said that they will not approve the nomination until Obama agrees to change many of the functions of the CFPB.

The changes would disable many of the powers previously granted to the agency over the regulation of many financial institutions like payday lenders. These changes have already been passed by the Republican-controlled House and would include eliminating the post of director altogether, instituting a 5-person bipartisan commission in its stead.

Federal Reserve Chairman Ben Bernanke warned against the move, “We must not lose sight of the reason that we began this process: ensuring that events like those of 2008 and 2009 are not repeated. Our long-term economic health requires that we do everything possible to achieve that goal.”

Warren has done an “extraordinary job” said Geithner. She is expected to return to her previous post as a Harvard law professor and be teaching during the fall semester. Of Date, Geithner said, “Raj has an impressive background in financial services, academia, government, and nonprofit organizations, and I am pleased that he will serve in this new capacity as the CFPB continues moving forward with its important work.”

Missouri Interest Rate Cap Could Close Payday Loan Businesses

Petition May Reach 2012 Ballot if Enough Signatures Are Found

by Kevin Schneider on August 10, 2011

In Jefferson City, Mo. the secretary of state’s office announced that supporters of a new initiative to cap interest fees on payday loans could begin collecting signatures. If enough are collected, the proposal will be included on the 2012 ballot. If the measure is passed it would lower the maximum interest rate on loans in the state, effectively shutting down payday lenders.

Critics of the initiative argue that the measure would cause a significant loss of state revenue and would create a wave of new unemployment. According to the Missouri Division of Finance, there are more than 1,000 payday loan stores in the state. In 2010, there were over 2.43 million payday loans issued in Missouri.

The language approved for the ballot, should it be included, says, “State governmental entities could have annual lost revenue estimated at $2.5 to $3.5 million that could be partially offset by expenditure reductions for monitoring industry compliance. Local governmental entities could have unknown total lost revenue related to business license or other business operating fees if the proposal results in business closures.”

Supporters argue that the interest rates for payday loans are too high. The average interest for a payday loan in Missouri is 445 percent annually. Randy Scherr, executive director of United Payday Lenders of Missouri, argues that looking at annual interest rates on payday loans is misleading as the loans are not issued on an annual basis. Payday loans are meant to be short-term fixes for emergency situations, and are still cheaper than paying bank overdraft fees or late bill fees.

For more information concerning the current state of loan laws, loan alternatives, and other details on the industry in Missouri or any other state, check the Consumer Resource for where you live.

Small Maine Town Under Scam Alert

Machias Police Issue Warning After Rash of Fraudulent Phone Calls

by Kevin Schneider on August 9, 2011

When thinking of Maine, you may recall hikes along cliffs, picking fresh blueberries, and relaxing in the sun while watching the lobster trap buoys bob up and down in the Atlantic. Unfortunately, even in the far northeast corner of the country, the town of Machias, Maine and its 2353 residents are under a scammer assault. A rash of phone calls claiming to be from debt collectors has prompted the Chief of Police Grady Dwelley to issue a public alert.

The debt collectors claim to be seeking payment for outstanding payday loans. Some have even alleged that they are attorneys trying to settle out of court.

“It is new here,” said Dwelley. “But because the location of the calling parties cannot be traced, our options are limited to alerting the public. Be wary and demand proof of any claims that are made.”

Dwelley said that he was alerted to the scams after receiving numerous complaints from residents about the calls. Some of the callers were even able to trick residents into giving them their bank account, credit card, social security numbers and other sensitive information.

There is no actual business name that residents have been given by the callers. According to Dwelley, “If a name is given, it is so fast or the speaker has an accent that is difficult to understand.”

Two common phone numbers on the caller IDs of victims have been with Los Angeles area codes, but, says Dwelley, by using voice over Internet protocol false numbers would be easy to create.

If you have been contacted by one of these scam artists, or a similar crook, please check the Consumer Resource for your state of residence. From there you need only click on the Consumer Protection page to find the contact information of all the pertinent agencies, like the Federal Trade Commission, where you live.

Debt Collectors to Refund or Cancel $11,000 of Debt in West Virginia

Out-of-State Lenders Agree to Refund Money and Other Concessions

by Kevin Schneider on August 8, 2011

On August 3, West Virginia Attorney General Darrell McGraw announced that he and his office had to an agreement with two debt collectors based in New York. The two firms had been attempting to collect money from borrowers of an Internet loan provider not licensed to operate in West Virginia.

Payday Yes had previously reached a settlement with West Virginia consumer protection agencies in which it agreed to stop offering loans to West Virginia residents and to close all accounts in the state. According to the state’s laws and regulations, payday lenders must be licensed by the state to operate within its borders.

Northtown Capital Associates, Inc. and Interstate Check Systems, Inc. tried to collect outstanding debt on loans made by the company to West Virginia residents. The attorney general became involved after complaints were filed citing the fact that the firms were conducting business within the state without the required license as well as a surety bond required by the West Virginia Tax Department.

The firms will refund or cancel over $11,000 to 21 West Virginians and will make a $5,000 payment to the State. The firms will not attempt to collect debt in the state until becoming licensed.

“West Virginia’s laws regarding the licensing of collection agencies are intended to protect both the industry and consumers,” McGraw said in a statement. “My office will continue its rigorous enforcement of these laws to ensure a level playing field for all legitimate agencies that collect debts in West Virginia. We will also take action to prohibit any collection agency, licensed or unlicensed, from collecting unlawful debts such as Internet payday loans.”

CashAdvance.com is not an actual payday lender. Instead, the website connects consumers with licensed lenders in their area.

Keep Prices Down When You Get Delivery Online

Coupon Codes Are the Secret to Always Getting the Best Deals

by Kevin Schneider on August 5, 2011

Most people are aware of the discounts on retail goods they can find by shopping online. Places like Amazon and eBay are often the first destination for people ordering books, clothes, and lots of other stuff. If you’re feeling hungry, many restaurants even let you order online. Check your coupons and you’ll often see a code you can enter to redeem them. According to U.S. Census data, online sales for food and beverage stores in 2008 totaled over $888 million, and the number is growing.

But what if you are hungry now and don’t have any coupons? You’re not alone. Lots of people would love to save money by using coupons, but don’t have any quick way of finding them when the need arises. Frequently people may try and tell a person over the phone they have a coupon and just hope the driver never asks for it. If that doesn’t work, you’re stuck paying full price.

Don’t get a cash advance just because you want Pizza Hut. Lots of websites online stock the latest coupon codes for places like Domino’s and just about any other business you might want to order from. Try checking someplace like RetailMeNot or Coupon Cabin.

It’s a lot like using Google, but for coupons. You open up the site, type in the place you want to buy food or merchandise from and peruse all the options they have available. This works for more expensive places too. Try looking for coupons for Olive Garden, Outback, Red Lobster or other similar places. You may not be able to use the coupons in the store, but you can order food online for pick-up and use your coupon codes there.