The Payday Loan Information System - 1607 Words

As soon as the information for the project was given to us, as a group, we took the initiative to gather the information as soon as possible. The play we went to gather our payday loan information was from Approved Money Center that is located on 700 S 14th Street, Suite B Kingsville, Texas 78363. The number to Approved Money Center is (361) 592-8300 and we spoke with Courtney Candelara, Associate, who has been working there for a year. This is her first time working at this type of business. She is 24 years old and is form Annaville, Texas which is located in Corpus Christi. This was all the information we could grab at the moment because she was busy and allowed us to take a picture of the different types of loans they offered and it contained all the information we needed. The payday loans available include: A 14 day term payday loan. This means that the loan is repayable after a period of 14 days. At the end of 14 days, the borrower is considered to have default on the loan and subsequent charges come along with default. Default for less than 10 days upon the end of the 14 days incurs charges that amount to no less than 5% of the loan. If the default is more than 10 days, the borrower will have to pay an interest amount equivalent to $7.50. At a bank the 14 day pay term period is also eligible to pay a fine of $30 for dishonoring the time frame set to settle payment of automated clearing house debit. Upon of a guaranteed loan, the collateral will be sold and theShow MoreRelatedLenders And Credit Loans Online Payday Loans1200 Words   |  5 Pagesoffer bad credit loans, including online payday loans, personal installment loans and auto title loans, have come under increasing attack in recent years. The Consumer Financial Protection Bureau, or CFPB, has been the most vocal critic of these lenders. The CFPB published its proposed regulations for short-term, small-dollar loans in June 2016. Included in the 1,341 pages of new rules and explanations is a section that deals specifically with lenders who offer online payday loans. Despite the pendingRead MoreCash Connection Essay1718 Words   |  7 PagesCash Connection Payday Loans Strategy, Ethics and Forces 1. What is Cash Connections strategy?   * Differentiate itself from competitors to gain the largest piece of the $40 billion dollars of paid lending that the United States industry has to offer, while adhering to government restrictions and meeting customer’s needs. Reference: Thompson, Peteraf, Gamble, and Strickland. P. (2010). 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