In Store Payday LoansAt the branch payday loan
Recent analyses by the CFA show a 58% drop in the number of branch offices that have been providing short-term credit on the main road since 2013. A number of large creditors have left the store, such as Cheque Centre (451 branches), Albemarle & Bond (187 branches), Cash & Cheque Express (22 branches) and Cash Store (27 branches).
By 2013 - 2014, several large default creditors halted the provision of payday loans, drastically cutting the number of mainstream payday creditors. the Albemarle & Bond (187 - none) and Cash & Cheque Express (22 transactions - none). Cash-store (27 outlets - none). There are high street stores offering payday loans:
Cash Store and Cheque Center no longer provide payday loans. From our observations, it appears that current rates range from 0.4% to over 4% depending on the markets, with most of our loan samples (Figure 1) ranging from 1% to 2% of the corresponding current rates. CFA is the main commercial organisation that represents the interests of some of the UK's best-known short-term credit companies.
The Money Shop, Quick Quid, SpeedyCash, Payday Express, Payday Express, Payday UK, Peachy, Sunny und WayDayAdvance, Mitglieder sind.
FL 60 - 90 days allowed payday loans
The Florida gubernator on March 19 passed a law, SB 920, approving the issuance of an extra kind of payday loans (called "deferred prentment rate transaction"). Laws now allow loans under $1,000 that have a payback period of between 60 and 90 business days, subject to a 8 per cent charge on the pending transactions account calculated every two weeks.
Previously, Florida only approved small US dollars loans of less than USD 500 with maturities between seven and 30 business days following a so-called "deferred Presentment transaction[s]". Expanding the number of eligible small loans seems to be a reaction to the CFPB's definitive regime on payday loans, car title and certain other loan renewals (previously included in a Buckley Sandler Special Alert), which cover most operations with reimbursement periods of less than 45 working days.
Whereas the CFPB Regulation entered into force on 16 January, most of the rules do not need to be complied with until August 2019. In addition, in January the CFPB proclaimed its intention to review the definitive rules (covered here by InfoBytes).