Payday Pundit

Read about it in the Scotsman.

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As our more geographically smart readers know, Tasmania is an island off the coast of Austrialia.   But did you know it also has payday lending?    From the story: 
Rodney Purves, the state manager of Personal Finance Co, which has two of its six Tasmanian outlets in the North- West, and is not a payday lender, said […]

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A payday loan in Scotland is typically $25 per $100 borrowed over a 31 day period.  (We guess the two-week model isn’t common there.)   According to the Payday Pundit’s math, that comes to 300%.  According to this newspaper’s math, it comes to 1200%.  
One of us can’t do math. 

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At least according to this article: 
Microlending is being touted as the next and best wave in foreign aid. With around US$4 billion invested annually around the world, the strategy offers alternatives to those with none, while leaving out such middlemen as usurious moneylenders, despots and their bureaucracies. Produce sellers in Tanzania, grocery store owners in […]

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From the story: 
Pawnbroker H&T Group has reported a 39 per cent profit rises as Brits turn to traditional means of raising cash.
H&T saw profits rise to £4.6 million – boosted by the increase in gold prices as the firm made £2.4 million in the first half of the year by melting down unclaimed and bought […]

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These scam artists have been using phony bank names, Internet lending sites, and even the names of celebrities in an outrageous debt collection scheme.   ABC News has the story: 
The scammers operate under names such as U.S. National Bank, Federal Investigation Bureau and United Legal Processing, said West Virginia Assistant Attorney General Norman Googel.
The callers also […]

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Citigroup’s Swedish arm has stopped issuing credit cards to anyone over 75.  Here’s the article.  I’d like to see them try that in the U.S.  The AARP would bring them to their knees.

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The Nova Scotia Utility and Review Board announced the caps it was placing on fees for payday loans there.  After careful study and soliciting input from both sides of the issue, the board:
…set the maximum cost of borrowing at $31 on $100, including interest and fees. It also capped the default penalty at $40 and […]

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The Canadian Payday Loan Association commissioned a study to figure out how much it cost its members to provide payday loans to consumers.  This action was taken after legislation was passed allowing government to cap the fees on the loans.  Venerable Deloitte & Touche conducted the survey and found that the average cost of a […]

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Laura Gibson, who lives in England, was charged the British equivalent of $1,000 for an overdraft of $.15, by her British bank.  Ms. Gibson says the bank is wrong to have charged her such an amount and refuses to pay.  Payday Pundit isn’t sure why Ms. Gibson is being so difficult — from what the […]

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