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First Financial Payday Loans

3 Ways Online Banks Keep Cash Advances & PayDay Loans Safe & Secure

Offline banking

 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!

Consumer Advocates: Banks Bringing Back Payday Loans

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

Groups Drop Lawsuit to Get Payday Loan, Minimum Wage Initiatives on Missouri Ballot

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 Cracks Down on Illegal Online Lending

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.

Iowa City Council Moves on Payday Lenders Ordinance

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.

Some Payday Borrowers May Get Refunds

Residents of Central Valley, Calif., may qualify for repayment from a 2007 lawsuit settlement with payday lending company Money Mart/Loan Mart. A judge ordered the firm to compensate California customers up to $7.5 million as part of the accord. The suit was filed on behalf of the people of California, alleging that the payday lending business participated in predatory lending schemes. There is an Oct. 1, 2012, filing deadline for customers who believe they may have been victims of this alleged scheme. Customers may be eligible for a refund if they took out a “payday loan advance” between January and July 2005 or if they borrowed “installment loans” or “CustomCash loans” between July 2005 and March 2007 from a store operated by the company. Qualified recipients could receive refunds of up to $1,800 for interest, fees, and finance charges that they paid.

Central Valley Business Times (CA) 06 Sep 2012

Emergency Loans

Payday loans are quick, short-term loans that are theoretically paid off at the next payday.  Payday loans are a blessing when times are tough and your budget is stretched to the limit.  Payday loans are short term loans offered by specialized lenders to meet your needs between your paydays.  Payday loans are short-term cash advances designed to meet your emergency financial needs.  Payday loans are also perfect for those times when you need a little extra cash for unexpected bills or special occasions.  Payday loans are generally paid back within two weeks, however, you can extend the payday loan.  Payday loans are the fastest way to obtain secure, online cash advance.  Payday loans are a great way to get a boost of cash to tie you over to your next paycheck.


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