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A city of Kitchener committee is considering reducing the number of authorized payday lending establishments in the city. A report presented to Kitchener’s finance and business services committee on Monday recommends limiting the number of payday loan outlets to 10 and monitoring the location of outlets. There are currently 18 payday loan agencies in the …

First order of business tonight: Short-term loans are under scrutiny in America. Post-crisis agency designed to protect consumers will attempt to do what Canada has failed to do: create national law to govern the practices of payday lenders, those who prey on the most vulnerable with loans short term with potentially crippling interest rates. Here …

A payday lender could collapse within days of Wonga’s footsteps. The QuickQuid brand, otherwise known as CashEuroNet UK, could be placed under administration in just a few days, reports The Mirror . The potential collapse would come after Wonga was plunged into insolvency last year after a number of claims. Grant Thornton, who manages the …

Bitnewstoday monitors everything that happens in the world of modern technology, and Fintech is an area where money and the most advanced technologies are combined. In the modern world, the rapid growth of start-ups that become “unicorns” in just a few years is common. Many companies seem to be falling into a strong current and …

A new GamesBeat event is just around the corner! Learn more about what comes next. Up to 78% of American workers live paycheck to paycheck, according to a study conducted by CareerBuilder last year. That’s over 170 million people without the safety net of more than a few weeks’ pay, if that means budgeting is …

A crackdown on payday loans is too weak, campaigners say. The new rules of the Financial Conduct Authority mean that there will be a 0.8% daily limit on interest and fees added to any loan that is not repaid on time. There will also be a limit of £ 15 on default or penalty charges. …

Due to the lack of borrowing regulations, there have been many cases of people falling into a debt trap due to payday loan interest rates. Even after the Financial Conduct Authority (FCA) imposed a cap in 2015, the the annual interest rates for these loans average 1,250 percent. One of the biggest players in the …

The PAYDAY loan and other short-term lenders always charge borrowers DOUBLE the amount loaned in interest and fees. In January 2015, the city’s supervisory authority, the Financial Conduct Authority (FCA), put a cap on the amount high-cost credit companies could charge. 2 Payday loan borrowers should always check the amount they will be charged before …