When an unanticipated expense hits, financial institutions exist to make sure that families limit their losses. Cash advance and payday loans, which are short term, unsecured (no car or home collateral needed) and fast, keep people solvent until unsettling times pass.

Unexpected financial glitches happen to all of us. Stress and shame send some into freeze mode, but denial only causes late fees and creditor phone calls to mount. The cash advance option or easier cash advance app makes sense in several situations.

1. You’re trying to avoid a credit check that impacts your credit score. When bills are due but funds are insufficient, some turn to the new credit card offers that come in the mail regularly. If you’re working to build your credit, however, you know that every credit inquiry lowers your score. A cash advance or payday loan doesn’t require a credit check. The requirements do include:

• • proof of employment
  • employment income of $800 per month
  • U.S. Citizenship
  • proof of a checking account
  • a short telephone call

This is gathered in a short, online application you can easily fill out on your phone anywhere. Once the lender gets that information, it’s typically a matter of hours before you’re approved. The lender knows you’re probably in a dicey situation and works hard to provide an answer as soon as possible.

2.     Late payment penalties are more than the cost of the payday loan.  If your mortgage is $2,000 and you have a 5% late payment penalty, you’ll be out $100 if you don’t pay the loan on time. Many fees for non-payment are higher than the charges that come with a payday loan or cash advance.

3.     The loan is required for you to earn an income.  A broken down car or crucial computer malfunction can interrupt your earning hours dramatically. To keep income steady, getting both into working order is crucial. The payday loan or cash advance helps get you back to work fast.

Payday Loan Cash Advance Information

While home and car loans are amortized over years, typically the cash advance loan is repaid within a month, when a consumer’s next paycheck is deposited.   After you fill out the application and sign forms, the money arrives in your checking account within one to two days. Similarly, the money plus the loan fees are then withdrawn at the end of the month when you are paid. It is also possible to extend the loan for another month if you need to. It’s smart, however, to have a plan to pay off the loan when it is due.

First Financial: Your Source for Fast, Trustworthy Emergency Credit

First Financial is a nationwide retailer of financial services. We provide home, auto and personal loans to applicants from every state. With an A+ rating from the Better Business Bureau, you can be confident that your transactions are safe every step of the way. Our system relies on trusted names like Verisign and Norton to get you money quickly with no glitches. Interested in checking us out for a while? Feel free to follow our Facebook page where we relate daily modern money tips.

Like any financial option, the cash advance serves consumers well when used properly. We reveal the best ways to manage the cash advance in our previous posts about when to use it and strategies to pay it off.

While a cash advance can help you keep your computer, car or apartment, some use a second cash advance to pay for the first and then get caught up in an ever increasing interest rate and fee cycle. This habit erodes your long-term financial health.

When you get your very first cash advance, to ensure you can pay it off, try to make these lifestyle changes:

1. Check your credit card statements every month: too often, what an online service told you would cost $1, ends up having a subscriber fee of anything from $9 to $99 per month. They disguise this fact adeptly.

2. Pay yourself automatically with automatic transfers from checking to savings or retirement IRA. Money left in checking is far easier to spend on unnecessary items.

3. Schedule a time to take a “money minute:” monitor expenditures for the day. Check each account each day.

4. Establish an effective spending “mantra.” This can be “I spend only on essentials” or “I treat myself with walks, books from the library or time with friends. . . not new clothes or furniture.” When we articulate our values, we feel guilty when we do not abide by them. Create a specific spending mantra to remain in control.

5. Let a friend know about your money goals. Go an extra step and ask them to check in with you about how well you’re meeting these goals. Knowing you’re accountable will help you avoid spending.

While the cash advance does come in handy in many situations, before applying for a cash advance, make sure you can answer the following questions positively.

1. Can you pay the money back at a designated date?

2. Is the cash advance your best or only alternative?

3. Do you really need what you want to buy or pay for (like cars, living arrangements, computers that keep you earning?)

A+ Rated First Financial Gets You Money without Eroding Your Credit

When considering personal loans, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing cash advances for borrowers of all types, even bad credit borrowers. Just fill out some forms, upload documents and get the money in your account in a matter of days. The Better Business Bureau rates First Financial A+ because we make customer service our highest priority.

Even though people love their plastic debit card, cash still serves in many situations. For years, groups have lobbied for the end to the penny and even the nickel. The American people won’t have it. Cash is convenient. It makes discounts possible. Many times, it even makes sense to get a cash advance.

Cash Only Transactions

With Craigslist, Close5 and more consumer to consumer marketplaces gaining in popularity, sellers tend to want cash. Considered, the most convenient mode of payment, they also unlock discounts. Stores that don’t take credit cards (yes there are some!) can put you through the wringer if you’re trying to write a check. Handing over cash just makes everyone happy.
Sometimes, too, vendors have a credit price and a cash price, with the cash price coming in 10 to 15% lower than credit or debit. We’ve run into this at small, independent auto and computer repair shops, as well as thrift, pawn, and antique stores. Many pet breeders also insist on getting cash.
If you’re able to pay off the cash advance within the month time frame, using a cash advance to get what you need makes sense.

To Capture an Immediate Opportunity

When an individual or company is selling something that many want, a buyer can stand out from competition by offering cash. Industries that respond well to cash offers typically include real estate, automotive, antique and jewelry.
Having cash on-hand can be smart when you’re going to shop at thrift shops, swap meets, antique stores and more. Be it from being able to have discounts off your favorite goods to grabbing an opportunity that otherwise unattainable.

Lending to a Loved One

It can be tough to lend money to family member or friend because you run the risk of not getting it back. Your borrower, particularly when struggling, may quickly put you at the bottom of the repayment list. This leads to resentment and a loss of trust.
One way to offload the responsibility is to use a cash advance and make it clear what the interest rate is and your debt to the lender. This can add the pressure to your borrower to make sure that he pays the money that he owes. This way you would be quite sure that he is certainly going to pay you back.
A very good example of this would be a typical home scenario wherein the son, employed but without a credit card, goes to you as his parent for help buying something he cannot afford in his monthly salary. To teach him a lesson about paying on time and paying regularly until such time that the debt is fully paid, make sure he understands that you will have to pay the debt soon. Even 20-year-olds need financial lessons.

Trust A+ Rated First Financial Secure and Speedy Cash Advances to Get You What You Need!

When considering a cash advance, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing cash advances for borrowers of all types, even bad credit borrowers. The Better Business Bureau rates First Financial A+ because we make customer service our highest priority.

 As much as we want to believe the future is bright, many Americans still struggle to get ahead.  Saving enough for a home down-payment or credit card consolidation can seem daunting.

Renowned online financial planning publisher Bankrate explains that that more than three in four Americans are living paycheck to paycheck and 76 million Americans struggle to keep food on the table. Believe it or not, 80% of American adults are in some form of debt. Even though the majority of us depend on debt to maintain our current lifestyle. Many depend on the cash advance to repair cars and computers or pay the medical bills that keep us earning.

The largest online marketplaces include:

CraigsList: while you set the price, people will still offer less. Still, you stand to get more on craigslist than selling to a pawn shop because you’re selling direct to the end consumer. There’s no middle man needing his or her cut.

Close5:  the reselling newcomer in App form, Close5 only lists people with items within 5 miles of you. Like CraigsList, you can set the price, but buyers will try to haggle.

eBay:  unlike CraigsList, eBay operates on an auction system where you set a starting price and hope it moves up from there. You can also choose to not sell if you don’t get the amount you want. An eBay account is very simple to set up. Keep in mind that you will pay shipping.

Pawn Shops:  the best place if you need cash fast. Managers have certain prices and set margins they must stick to, however, leaving less for you.

Those who looking to escape debt or pay off credit cards or a cash advance should look to the items in their homes they no longer need. This step not only brings down your interest payments, it declutters your home. Review this list for good items to sell and the best outlets to sell them:

• tools: CraigsList, pawn shops
• phones: gazelle.com and a GameStop near you
• video games: GameStop, especially if you’re buying new games or Amazon’s Trade In program, now an eBay company, also takes used video games
• music, videos and DVDs: Second Spin is the largest re-seller of used DVDs, Blu-Ray and videos. DeClutter and com are other possibilities
• sporting equipment: A Play It Again Sports store near you. Otherwise, CraigsList, Close5 and pawn shops.
• appliances: CraigsList, Close5 and pawn shops
• books: bookscouter.com (especially for text books) and Amazon’s book buyback program
• clothing: high quality, gently used clothing is best turned over to a consignment store. Popular lines get the best return on eBay or CraigsList. There’s also the new ThredUp which sends you a bag in which to send your old clothes. This outlet tends to prefer designers like Ann Taylor, Calvin Klein, etc.
• kid’s toys: especially when put together in age-appropriate bundles and sold on eBay, Close5 or CraigsList
• jewelry: estate jewelry shops and consignment stores. Get appraisals first!
• music instruments: Local music stores, but they will want a slice of the profit. With Close5 and CraigsList, you sell directly to the parent.
• furniture: consider Close5 and offer to deliver. Shipping costs for big items will cut into your selling price. If that doesn’t work, look around eBay to see what your piece may be worth and try to get that at a yard sale.
• cameras: Keh Cameras still takes film cameras, but better prices are for the DSLRs. It also takes vintage cameras for higher prices. Otherwise eBay. Again, look around to see where the better prices are.

Steps to Start Generating Cash from Your Forgotten Items

1. Check unused rooms, basement, attics, trunks of cars and garage. List all of it and beside the list, write the marketplaces you’ll try first and second.

Don’t let your emotional response guide you. If you know you don’t need that item anymore, let it go. It will be of much use for others. Family members, living and dead, will be proud of you for getting your finances in order.

2. Set up your accounts on sites like eBay and Craigslist.

3. Take pictures of the items you are about to re-sell. Remember, make it appealing. Try many angles of the picture so the customers can check every side of the item. Borrow a friend’s DSLR to get the best shots and Google how to light items correctly.

4. Check the shipping costs at usps.com so that so you won’t lose money when shipping an item.
5. Finalize the list and check the complete list of items you have. Explore how much similar items are going for on eBay, CraigsList, Close5 and others. If you’re selling jewelry, silver or gold, make sure to get an appraisal first.
6. Create listings for every item. There are many ways to simplify this process, but some find listing on Saturdays or Sundays keep them on track better.
7. Check messages once in a while. Buyers will have clarifications or questions regarding your product and their messages will come frequently. If you have more bidders, higher prices in the end.
8. If you already sold and shipped a product, immediately leave feedback for the buyer. Ship the items immediately as possible to avoid negative feedback and win good reviews.

First Financial helps Americans get the cash they need at the most competitive rates. In the digital era, we set up and help you manage your cash advance, business loan or merchant services 100% online. We specialize in products for all kinds of borrowers, including those with fair and poor credit. We’ve done the work to find appropriate lenders that keep you solvent!

 An Atlantic article in May, 2016 caused quite a bit of buzz by claiming: “Nearly half of Americans would have a hard time finding $400 to pay for an emergency.” The article, entitled, “The Secret Shame of the Middle Class” went on to explain that The Federal Reserve Board, in its annual survey of the financial condition of the American populace, found:
“ . . . 47 percent of respondents said that either they would cover [a $400 emergency] expense by borrowing or selling something, or they would not be able to come up with the $400 at all.”

Many turn to pawn shops when they have a financial emergency. The number of U.S. pawn shops has grown from 6,400 in 2007, at the start of the Great Recession, to more than 10,000 today. Before trading in your treasures or family heirlooms, consider that pawn shops may not be your best option.

Getting a Loan from a Pawn Shop

Of course, there’s also the option of giving your valuables to the pawnbroker for a loan. Typically, people come in at the end of the month, once their paycheck hasn’t stretched far enough and they need to buy food or pay the gas bill. The pawn shop manager makes a loan against the item and puts the it in storage. Many come back at the beginning of the month, once they’ve gotten their paycheck to get the item. Still, they have to turn over the legally-capped 22 percent interest rate in addition to the monies borrowed. So if the pawn shop values your diamond necklace at $500, you can get it back, but pay $610 (500 + 110) for the privilege. If you don’t come back that month or the next, the pawn shop manager is legally entitled to sell the necklace. A third way is to “roll over” the loan, where you pay just the interest or $110 and leave the necklace at the shop. The next month, you’ll have to pay $720 to get the necklace back.

Keep in mind that pawn shops make their bread and butter from “repeat” customers who come in every month and pay only the interest.

Pawn Shops Have the Power
The desperate need on the individual seller’s side means that pawn shops make very low offers. Generally, pawn shops have strict pricing rules dictating that they won’t pay more than half of what they think they can get for an item. One exception is higher priced guns and jewelry, which provide them more profit. With sales goals they need to meet every month, pawn shop managers know they need to keep cost of goods low in order to keep their jobs or even win a bonus. When they negotiate price with you, they’re considering their own survival. It’s not unusual to get $5 for a chainsaw, $50 for a bicycle or $25 for an SLR camera . . . and all must be in good working condition.

Your Treasures’ Value Are Subject to the Whim of the Markets

Like real estate and stocks, jewelry, gadgets and old silver fall victim to market gyrations. For example, the value of pearl necklaces and earrings has plummeted because suppliers have flooded the market. No matter how lustrous and lovely the piece, its value on the market is constantly checked by pawn brokers. Similarly, diamond shapes go in and out of fashion. Where ten years ago, the marquis cut was all the rage, now the pear-shaped diamond wins the highest prices. Buyers consider the marquis cut out-of-date.

Instead of selling something that may not be all the rage right now, why not wait until its value returns? A cash advance on your paycheck keeps your valuables at home until market conditions return to your favor.

When a Cash Advance Is a Better Option

The cash advance, money fronted to you based on the value of your paycheck, works differently from the sale to or loan from the pawn shop. First, cash advances typically stick to $500 or $1000, based on your proven income. The cash advance lender doesn’t negotiate with you on the value of your paycheck. It is what it is.

The advantage here is that the $500 you get for your diamond necklace can end up costing you. If you first look at eBay and see that similar necklaces are getting $2,000 and the pawn broker only offers $500, time pressure could push you into selling it for $1,500 less than you could get if you just had more time. In addition, you end up paying that $110 in interest. Your eventual money loss amounts to $1,610 just because you had to have $500 in a day or two.
The cash advance, on the other hand, gives you the time to find a better buyer on any number of websites or local estate jewelry shops.

First Financial Offers the Cash Advances that Keep Your Treasures at Home

When you need to:

• avoid getting low offers for your heirlooms
• avoid bounced checks or credit impacts due to non-payment
• keep cars and computers running so you can get to work
• avoid expensive late fees

. . . turn to Better Business Bureau A+ rated First Financial for a cash advance. America’s leading source of short-term personal loans for people with low or bad credit scores, First Financial makes sure customers can transact all cash advances from the comfort of home. Just upload some documentation and once you’ve filled out the final page of the form and submitted, you’re cash lands in your bank account that evening. Apply here to find out how much you qualify for!

We will never ask you to send us money upfront for any reason.

*We do not have foreign call centers or automated phone dialers. We do not do direct mail, email or phone solicitation for any service we offer.

*All applications must be completed online at our website. Do not send money or give anyone your banking information over the phone, thru email or on a paper application you received. Our applications online are the safest and most secure way to submit your application.  

Every day in the United States, hundreds of people turn over the last of their hard-earned money to scam artists. According to the FBI, scams related to cash advances and loan offers add up to millions each year.

How can so many be defrauded so easily? Careful criminal planning.

American and overseas operations start by creating websites that resemble those of a government agency or a familiar banking institution like Citibank, Money Mutual or First Financial. They advertise loan offers at very low rates on these websites, but they never make a single loan. They simply collect your personal data including bank account numbers, social security numbers and more. They deny every applicant, BUT the information they’ve collected is a gold mine.

They sell it to a second operation. Using a familiar bank name and the target’s personal information, this second company has little problem convincing unsuspecting consumers that it’s legitimate. Often, it explains that it has “more flexible” loan requirements because it is larger or more efficient or specializes in a certain area. The borrower need only prove they can make the first payment to win the loan. Here’s where alarm bells should go off. The “loan agent” then asks the borrower to put the first payment on a Walmart Green Dot or other cash card or wire the money electronically.

When the loan amount doesn’t arrive in the borrower’s bank account, the “loan agent” explains that another sum is needed for insurance. This technicality can be taken care of, again, by putting the amount on a cash card and providing the cash card numbers to the “loan agent” . . . as soon as possible, of course. To learn more signs of certain fraud, read the Beware Common Cash Advance and Loan Scams: Clear Signals of Fraud page in our consumer notices section.

Cash Advance and Loan Fraud Will Always Be with Us

Most of us can’t comprehend taking someone else’s money let alone spending months constructing elaborate schemes, telephone scripts and letters to defraud people in sometimes desperate situations. Our own rejection of such malicious acts sets us up to believe the friendly “loan agent” at the other end of the line really does have our best interests at heart. When a loan proves to be fraud, many prefer to keep the incident to themselves. If you’re in this situation, please don’t let embarrassment paralyze you. These criminals worked hard to concoct the perfect fraud. You didn’t stand a chance. BUT by reporting everything you know to the proper authorities, you can help keep more people from becoming victims. The Federal Trade Commission (FTC) and the FBI both work hard to find and shut these scams down. If you or a loved one has become a victim of fraud, report the crime to the FBI at https://www.ic3.gov/default.aspx. If an illegitimate “loan agent” uses the name First Financial, please call us right away at 800-315-7791 so we can report it to the state attorney general’s office.

Report a crime: FBI – https://www.ic3.gov / Federal Trade Commission – https://www.ftc.gov

A+ Rated First Financial Gets Money to You Fast . . . and Ethically

First Financial proudly adheres to strict ethical standards set by the Securities and Exchange Commission (SEC). If you need funds for medical bills, car or computer repair or anything, fill out one of our easy loan applications. With automated services and low overhead (no physical buildings to staff and power), we can charge lower rates and fees than neighborhood banks. Stay connected to First Financial’s offers through our Facebook and Google Plus

Question 1:  Why doesn’t my bank offer cash advances?

Offline, bricks-and-mortar bank don’t see any profit in it. A cash advance is typically for a smaller amount of money: $1,000 or less, for a shorter amount of time: one month or less. By the time you fill out the forms, take the loan officer’s time and absorb the light and heat the bank needs to keep branches open, their profit has dissipated.  Online banks, on the other hand, have automated the process so efficiently, they can stay in business while offering small amounts of money for very short terms. The online banks are now even creating convenient cash advance apps for use on smart phones.

Question 2:  Does the teller really have a one-time great deal on loans I should consider?

The teller isn’t as interested in what you need as in meeting his or her sales quotas for the month. If you hate the hard-sell, stay out of bank branches at the ends of months or quarters when sales numbers get submitted. All tellers and loan officers are sales people with new account goals set by their managers. They even spend time cold calling in the back office. The tellers get points when they encourage people to apply for a loan with the loan officers waiting in the desks and offices beyond the counters. The loan officers get points for every loan they close. 90% of new teller training is SALES training.

Question 3:  Do I really need all these cards and accounts?

Probably not. Signing up for online bill pay, getting a debit card for a hobby business and setting up free checking all serve to get you more and more entrenched into that bank. In fact, these free/low costs offers are called “sticky.” If you saw a bank offered better rates down the street and wanted to move your account, you may be reluctant because the thought of setting up automatic bill pay, changing the checking to savings instructions on your accounts and getting issued new debit and other cards can feel pretty overwhelming. The more of these “products” tellers get you to accept, the more entangled you are in the bank.

The Smart Financial Consumer

Understanding the motivation behind what your local, brick and mortar bank teller offers can attune you to better offers at alternative financial institutions. Know that you can pick and choose the interest rates, terms and other details from a range of banks depending on what fits into your financial picture at the moment. For more tips, don’t forget to follow us on Facebook, Google+ and Twitter!

 We bet that, ten years ago, you had at least 3 friends who proudly refused to submit their credit card numbers to online stores like Amazon.com. YOU may have been among them!

We also bet that—today—these same people order all kinds of clothes, books and electronics online. That fact that, back then, they were too careful, too “smart,” to shop with credit online is a distant memory. They may not even admit to being so short-sighted!

These days, people willingly upload all kinds of personal information. The magic of ever-improving “encryption” and other tools enable one consumer to interact with a store on a one-to-one basis, just as if they were standing right at the Macy’s counter. These days, more and more people, too, are turning to cost-effective, convenient online banking for their financial well-being.

Online Banking for Cash Advances and PayDay Loans is Just as Secure as Offline Banking

Because some are still a bit leery of banking over the internet, we’d like to reassure you that even for cash advances and payday loans, banks utilize extensive protections to keep your banking and personal information safe. The following four measures keep critical details private.

Read these to ease your mind about the safety and security of obtaining a cash advance online through your computer or even your smart phone using a cash advance app.

1. Encryption: turns the written information coming from you (the browser software installed on your computer) into a code that only our online banking technology can crack. The minute you sign on to our financial institution, the software on our end prompts your browser software to establish a “secure session.” Our Cash Advance App uses “banking level encryption” which just means the code is much more difficult to decipher than most. In fact, our 128-bit encryption is at the highest level of security currently allowed by U.S. law.
2. You stay in control because you can monitor whether or not security measures are working while you’re interacting with the site. Your browser tells you information is being encrypted with either a closed padlock or a key symbol. These symbols generally appear on the bottom of your browser screen.
3. Online banks have whole teams of internet security professionals running audits to ensure encryption is functioning every hour of the day.

When all you need is a checking account, an email address, an internet connection via smartphone or computer, why not transact your cash advances and payday loans online? Once you are approved, you can handle the details of your cash advance or payday loan from the comfort of your home or office, where you have time to think and review your financial documents if need be.  Online banking is open 24/7, too, making it convenient for you to get cash when you need it and set up the next day for success!

Your repayment is the best part. The minimum required payment will be deducted from your bank account. You get cash when you need it most and repay when you have it! Still a little short on payday? No problem! Generally online customers are automatically renewed every pay period. Just let your lender know when you are ready to pay in full, and your loan plus fees will be deducted from your bank account by the lender.

Once you have applied online, your information will be submitted to a lender that will attempt to contact you to verify your information and explain the terms to you. Once you have spoken with your lender, your cash can be in your bank account as early as the next business day!

And don’t worry… any credit type can qualify, even bankruptcy, charge-offs and bounced checks!

The cost of your cash advance loan is dependant on many factors, such as the lender and how you manage your financial obligations. Cash advance loans are designed for emergency situations when you are short of cash and need money fast! Family emergencies, unexpected car repairs, overdrafts, telephone confection and deposits are just some of the urgent cash needs that you may experience.

Your fees are less than the cost of not having the cash you need when you need it – overdraft fees, bounced check   charges, taxes, even losing your job because you can’t get to work! Actual fees are determined based on the information   you provide when you submit your loan request.

Your cash can often be sent to your bank account the very next business day and you don’t repay until your next paycheck.

How much you qualify for depends on a number of factors including your lender, income and employment. To see how much you can qualify for, simply complete this fast two minute online form, speak with an agent of a participating lender, and your cash is on the way, usually the next business day! And don’t worry, any credit type can qualify, even bankruptcy, charge-offs and bounced checks!

Qualifying is easy and you don’t need to worry about your credit. Most lenders qualify you  if you:

• Currently have a job (or receive regular income)
• Make at least $800 per month
• Are 18 years of age or older and a U.S. citizen
• Have a checking account
• Other requirements may apply

Even bankruptcy, bounced checks, charge-offs and other credit hassles don’t prevent you from getting the cash advance you need!

A cash advance provides you with emergency cash when you need it most … usually between paydays! Simply complete this fast two-minute online form; there are normally no documents to fax. Just complete your request, speak to an agent of a participating lender, and your cash could be on the way, usually the next business day!

Do you Qualify for a Loan ?

700 and Above – Very good to excellent. We will have no problems giving you a loan with a credit score of 700 or above.
680 to 699 – This credit score puts you in the ” Good / Fair” category. That one point between good and very good to excellent credit generally makes little difference to lenders.
620 to 679 – If your credit score falls into this range, you fall into the “Okay” category. The closer your score is to 679, the better. 620 is consider to be a “par” credit rating.
580 to 619 – While you aren’t in the “Bad” category yet, you are teetering on the edge if your credit score falls in this range. 620 is the prime rate cut-off.
500 to 580– You can still get credit in this scoring range. More information may be required.
499 and below – Yes, even with as score of 499 or below you can still be extended credit. More information may be required.

Although North Carolina outlawed payday lending over a decade ago, the state is again seeing the short-term, high-interest loans — this time from banks. Alabama-based Regions Bank offers a product called “Regions Ready Advance,” which lets consumers borrow up to $500 by pledging their next direct deposit. “If they weren’t a bank, they wouldn’t be able to offer this product in North Carolina,” said Chris Kukla, senior vice president at the Center for Responsible Lending (CRL). Kukla says the effective interest rates for Ready Advance loans could amount to 365 percent annually. However, the bank says that the product is essentially a small-dollar line of credit and does not fit the term “payday loan.” North Carolina allowed cash advance from 1997 until 2001, but lawmakers passed legislation that authorized the store-front shops to expire. The fees, though usually small, amounted to annual percentage rates that exceeded North Carolina usury laws. Regions Bank began offering its Ready Advance product 18 months ago, essentially breaking a de facto embargo on the practice. SunTrust, a much larger bank, is considering a similar product. Fees for payday products were typically $16 for every $100 borrowed, compared to Regions’ Ready Advance product, which charges $10 per $100. Although that seems like a small amount, CRL says that it amounts to an effective annual percentage rate of 365 percent. Kukla said that consumers have better options, such as a low-cost, small-dollar loan from the N.C. Employee’s Credit Union, which charges only a few dollars upfront. Across the country, regulators like the Consumer Finance Protection Bureau are noticing this trend of bank products that are similar to payday loans, but most banks operate under state banking laws rather than federal regulators

Two Missouri groups confirmed that they are abandoning a legal challenge to a ruling that they did not have sufficient signatures to get a payday lending initiative and a minimum wage measure onto the November ballot. Last month, Secretary of State Robin Carnahan told Missourians for Responsible Lending and Give Missourians a Raise that they failed to collect enough signatures to make it onto the ballot. The organizations decided that legal hurdles posed by “the payday lending industry, their allies and their lawyers” were too high to overcome before the September deadline. The payday lending measure would have capped annual interest rates and fees for the loans at 36 percent, down significantly from the average of 445 percent. Rev. James Bryan — treasurer for Missourians for Responsible Lending — said supporters of the ballot measures faced harassment, dishonest ad campaigns, fake petitions in the field, and an “interminable legal process.”

California officials have cited at least nine Internet payday lenders for illegally offering “quick-cash” loans online and being overly aggressive in collecting on the debts. The state Department of Corporations issued a “consumer alert” warning about unlicensed online lenders, many of which advertise on Facebook or online sites like PaydayLoanApplyToday.com. “These loans are a last resort for some people, particularly if they have unusual or unexpected expenses,” said department spokesman Mark Leyes. In California, payday loans are limited to $300, with fees up to $15 per every $100 borrowed. Unlike a storefront payday center, online lenders require borrowers to provide access to their bank account for automatic depositing of funds and debiting of repayment. Leyes said some unlicensed online lenders are dodging the law and “gouging consumers” by charging excessive interest rates and fees. “If you give out your bank account information online, they’ve got their hooks in you,” he warned. “They can get in there anytime they want.” Since the start of the year, the state Department of Corporations has issued nine complaints against online payday lenders, more so than usual. TIOR Capital LLC in particular was ordered to “desist and refrain” making loans and to return all funds to borrowers. The state gave an example of a $300 payday loan with a $90 finance fee, due in two weeks. When the consumer failed to repay the loan on time, it was automatically “refinanced” for an additional $90 fee. This amounted to an annual interest rate of 782.14 percent.

The Iowa City Council voted unanimously to approve the second consideration of an ordinance that would require payday lending institutions to be at least 1,000 feet away from churches, schools, and daycares. The first consideration of the ordinance was unanimously approved on Aug. 21, and a third favorable consideration is required for it to become law. Other Iowa cities — including Des Moines, West Des Moines, Clive, and Ames — recently have passed measures that restrict payday lenders’ services.

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