Payday Pundit

The Motley Fool exposes how banks are reaping a windfall from Ohio payday lending ban:  
Fifth Third Bancorp
Is there a link between the availability of payday lenders in a state and the amount that banks collect on overdraft fees? I’m not sure, but CAPS member Robermac suggests there is and notes that with payday lenders on the ropes […]

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We’re referring to the MotleyFool, which has a very interesting and hard-hitting piece today on Wells Fargo bank and other “alternatives” to payday lending.  From the piece: 
The FDIC began a pilot program this year to have traditional financial institutions offer micro loans at interest rates that payday lenders have said are unprofitable. While thousands of loans […]

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The Motley Fool, which periodically comments on happenings in the payday lending industry, has this to say about recent developments in Arkansas.   There are still some sensible observers out there. 

“Arkansas’s attorney general wants to shut down payday lenders in his state, and he’s sent letters to some 60 companies doing business there, telling them to pack […]

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The Motley Fool has a number of great tools and tips for personal finance.  The Payday Pundit loves these tools because they empower individuals by placing clear information on personal finance choices into individuals’ hands. 
One which the Pundit is enjoying exploring today is the “How much am I spending?” calculator. 
The calculator allows you to input your actual spending habits and your […]

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The Motley Fool picks up on the GAO report finding that, in 2006, consumers paid $36 billion in bank fees.  The Fool is highly critical of the government but also critical of consumers who don’t understand how much they’re paying in fees.  
How does this relate to payday lending?  Storefront payday lenders collected $6.5 billion in fees in 2006.  And payday lending […]

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