6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Fringe financial services is the label sometimes applied to payday lending and its close cousins, like installment lending and auto-title lending—services that provide quick cash to credit-strapped borrowers. It’s a euphemism, sure, but one that seems to aptly convey the dubiousness of the activity and the location of the customer outside the mainstream of American life.And yet the fringe has gotten awfully large. The typical payday-lending customer, according to the Pew Charitable Trusts, is a white woman age 25 to 44. Payday lenders serve more than 19 million American households—nearly one in six—according to the Community Financial Services Association of America, the industry’s trade group. And even that’s only a fraction of those who could become customers any day now. The group’s CEO, Dennis Shaul, told Congress in February that as many as 76 percent of Americans live paycheck to paycheck, without the resources to cover unexpected expenses. Or, as an online lender called Elevate Credit, which offers small loans that often have triple-digit annualized interest rates, put it in a recent financial filing, “Decades-long macroeconomic trends and the recent financial crisis have resulted in a growing ‘New Middle Class’ with little to no savings, urgent credit needs and limited options.”Payday lending works like this: In exchange for a small loan—the average amount borrowed is about $350—a customer agrees to pay a single flat fee, typically in the vicinity of $15 per $100 borrowed. For a two-week loan, that can equate to an annualized rate of almost 400 percent. The entire amount—the fee plus the sum that was borrowed—is generally due all at once, at the end of the term. (Borrowers give the lender access to their bank account when they take out the loan.) But because many borrowers can’t pay it all back at once, they roll the loan into a new one, and end up in what the industry’s many critics call a debt trap, with gargantuan fees piling up. As Mehrsa Baradaran, an associate professor at the University of Georgia’s law school, puts it in her new book, How the Other Half Banks, “One of the great ironies in modern America is that the less money you have, the more you pay to use it.” continue reading »
RelatedPosts Joe Aribo out of Super Eagles friendlies Celtic given tricky tie in UEFA Champions League qualifiers, Red Star drawn away Celtic appoint Gavin Strachan coach Free agent Efe Ambrose has opened the door for a sensational return to Scottish football. The former Celtic and Hibs defender is on the lookout for a new club having left Derby in the summer. The 30-year-old has already turned down a number of lucrative offers because it wasn’t right for him and his family. But he revealed a return to Scotland is something that would have an appeal. Ambrose said: “I would never say never about the possibility of coming back to Scottish football. “It is a great place to play football and I feel the Scottish league is growing and getting better. “The standing and reputation of the league is growing and there is a real profile to it with the likes of Neil Lennon and Steven Gerrard now at Celtic and Rangers. “I have had some great times in Scotland. My times there, with Celtic and Hibs, were amongst the best of my career and if there was interest there then it is something I would definitely consider.” Ambrose has also insisted his next move is not just about money. He said: “I have had some offers. I had a big-money offer from Turkey that would have seen me earn more than I did at Celtic but it just didn’t feel right. “I want a club to make sure the move is right for my family and for me at this stage in my career.” The centre-half is currently back in Nigeria but has been keeping himself fit by turning out for his local side, Narayi Celtic Kaduna, who were formed after his own spell at Parkhead. Ambrose said: “I have been training every day with my local team back in Nigeria and playing in friendly games. “So when I get my next move sorted, I will be ready to hit the ground running and to be able to get up to speed very quickly. That was the problem when I went to Derby last season.”Tags: CelticDerbyEfe AmbroseHibs
Ghana international Andre Ayew admits that he finds the game in England different from that in France.He’d been in the Ligue 1 playing his club football for eight years before making a switch to English Premier League club Swansea City this summer.Even then the attacking midfielder imposed himself on his competitive league debut game against English champions Chelsea on Saturday, crowning his efforts with a stunning goal in the first half of the 2-2 draw at Stamford Bridge.”I was very happy with my goal, particularly as the squad has really helped me out. Hopefully I will continue working hard to help the team,” Ayew said after the game.”Bafe[timbi Gomis] had a good header saved, and then I had my first shot blocked. But I got up quickly and managed to score with the second shot. It was a really great moment for myself and, more importantly, the team.”We must keep the spirit we have. We showed a lot of character. This is only the beginning for us.” He added: “It was my first game in the Premier League and I’m always learning. The intensity is different and I have to work hard to get better and better week-in week-out for the team.”But my team-mates, the manager and the coaches are all pushing me so that I can do more and more for the team.”History boysAndre played all game for Swansea as his younger brother, Jordan, got just under an hour for new club Aston Villa. They became the first set of brothers to make their debuts in the English Premier League on the same day, since its inception in 1992.Villa and Jordan won 1-0 away at Bournemouth.–CLICK TO READ: Photos – Dede Ayew scores in Swansea debut– Follow Gary on Twitter: @garyalsmith. Get more updates on Facebook/Twitter with the #JoySports hashtag
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREChargers go winless in AFC West with season-ending loss in Kansas City For more details, read tomorrow’s newspaper. SOUTH WHITTIER – Twelve years ago Bill Clinton was in his first term as president, the Internet was in its infancy, and the Orchard Dale Water District had its last contested election. Fast forward to Nov. 6 and incumbents Joe Kennedy and Clifford Lee, who were elected in 1995 as challengers , now are the incumbents themselves in a contested election. Yvette Stephenson-Rodriguez and Clifford Briggs this time around are trying to unseat the two incumbents on the issues of rates and water quality. But Kennedy and Lee say this is no time for a change. The hottest issue might be over the board’s decision in May to raise the monthly service charge on homeowners with a five-eighths-inch or three-quarter-inch meters from $10 to $15.05. It also raised its commodity charge from $1.50 per cubic foot of water used to $1.70 per cubic foot. 165Let’s talk business.Catch up on the business news closest to you with our daily newsletter. Something went wrong. Please try again.subscribeCongratulations! You’re all set!