It looks like the payday “police” have hit Colorado. There is a proposed payday loan bill that would put an interest rate cap on payday loans. The reasoning behind this bill is that some Coloradans believe, “that excess interest rates can lead Colorado families into a debt trap of repeat borrowing”. There are three separate proposed bills. One would put the rate cap at 18%, another at 28% and another proposed bill putting the rate cap at 36%. The unfortunate thing about these sorts of bill is that the potential rate caps would hurt the payday lenders and potentially not allow them to stay in business. This would then hurt consumers who are looking for a much needed payday loan. We will all be watching the outcome of these proposed bills.

We all know that there are a lot of states in our nation that have some sort of payday legislation, however how many of the laws that have been implemented in these states really created a better situation for the consumers? Consumers have limited resources on getting short term loans, so why does this industry continue to be put under a microscope?
To make matters worse (or better), many critics in the payday loan industry are now focusing their efforts on our nation’s banks. For example, The Minnesota Independent is reporting that many banks are offering advancements on their paychecks. In normal circumstances this sort of “advance” would not be in question, however banks are being able to avoid the scrutiny AND payday legislation that the payday lenders are unfortunately having to face.
So should our nations banks be able to provide “temporary” loans based on a consumer’s paycheck without the same regulations as payday lenders? These loans are very much needed by the consumers, so if the banks are even providing them, why should they not be treated the same just because they “sugar coat” what they call them?

Pawn shops are becoming a large source of quick revenue these days for consumers who need short term loans and do not have the option of a payday or bank loan. Pawn shops, which offer money in the $100 or less range in exchange for the consumers collateral such as a TV or hunting equipment. The pawn shop loans the money with an additional 5-10% interest rate added on, if the consumer defaults on the loan after a period of time (usually 30 days) the item being held as collateral becomes merchandise within the shop. Pawn shops success during the recession has been dependent upon these loans rather than the sale of merchandise.

LeadPile is excited to announce some new and improved changes to the seller account! These changes will help publishers locate the offers much easier.

Check out these new features under the offers tab:

*Click on the “Search Offers” tab to find all the available offers
*Clicking on “Available Categories” or entering key terms into the “Search Offers” box will bring up all of the current offers
*Top and average payouts are listed next to each offer
*MicroClick Forms, MicroClick iForms, Banners, Text Links, On Exit Ads and On Side Ads are all available for you to choose from.
We are always looking for new publishers, or even current publishers that are not currently generating leads, to get started! A great publisher site that Leadpile has helped out on is usainstantpayday.com. We can help with your site too if needed!
We are seeking more leads and traffic for payday loan, auto finance, business cash advance, Broadview Security system, New Millennium Bank, bankruptcy and more!

Arizona may have good news for the Payday loan industry this week as an amendment will be heard on Tuesday at 1:30pm. Adjustments suggested would restrict the number of loans a person could take out at one time, allowing fees of $15 per $100 borrowed, and also allowing the consumer to cancel the transaction if the borrowed money is returned within two business days. The amendment would require businesses to give at least 1.5 % of the fees it collects to “organizations that provide services to low-income and moderate income individuals” in their community.

Leadpile works a lot in the payday loan industry, with regards to trying to connect those that are looking for a payday loan and those that can provide these short term loans to the consumers. However, if you are in the military you do not qualify for these types of loans, therefore there are alternatives that are offered to these consumers. Leadpile is excited to partner up with a lender that can help service these individuals. We are looking for publishers that can help us generate more of these leads.
This is what we are looking for in these leads:
Nationwide, “active duty” Military (no reserves or government employees) only, consumers must be looking for a $500+ loan, no daily caps and there is no restricted delivery schedules.

There are several ways to generate these leads:

* MicroClick Forms
* MicroClick iForms
* Banners
* Text Links
* “On Exit” Ads
* Open Market

If you are a publisher and looking to help provide these sorts of short term loans to members of our military, reach out to us!

A new bill has passed in Virginia setting new guidelines for car title loans. This bill will enforce caps on interest rates and loan terms which is something that has not been done before. Similar to a law in Tennessee the loans are restricted to a year in length, restrict the loan amount to half of the car’s value in addition to preventing new interest being added onto the loan once the car has been repossessed. A tiered interest rate cap will be put into effect, running from 22 percent per month for a loan smaller than $700, to a maximum 15 percent for loans higher than $1,400.
Car title loans are a topic of controversy lately in a similar way to payday loans. The loans both help consumers who are in need and would not have other options, but can be at times tricky for consumers to understand if they are not taking the time to read the terms. The consumer needs to always be aware of the terms of the loan and the interest rate they will be paying. If applying for a loan, being as educated as possible can help the consumer know all options available and prepare/make a plan to use the loan responsibly.

It is official…. Leadpile has teamed up with Payday loan lenders to help deliver real time, qualified, payday loan customers to their institutions. In an effort to try and connect as many people as we can with the payday loan lenders, we have rolled out the “NEW” payday loan live transfers.
Business rules/filters we will capture before transferring the payday loan customer:

1. State the customer lives in.
2. Do they have a checking or savings account, if so which one?
3. How many outstanding payday loan(s) does the customer have?
4. Other filters such as the consumer’s income, do they have direct deposit, or employed by military and more!

If you are a payday lender and looking for unique consumers transferred to you, simply contact us and we will help you connect with those consumers that are needing a payday loan.

In Wisconsin, the state Senate is being asked by the Assembly Speaker to avoid delay with moving forward with the legislation regulating payday loan companies. It has already been approved recently by the Assembly to limit the size of loans, restrict consumers from taking out more than one loan at a time, bans auto title loans completely as well as “rolling over” the balance of a previous loan.
A Senate version of this bill includes a cap on interest rates, however the Assembly rejected this bill as they believe their version does enough.
There are currently over 500 payday lenders in the state of Wisconsin.

LeadPile will continue to keep you posted on changes…

Changes to the Wisconsin Payday lending industry could be very close. A vote by the Assembly Committee 6-5 supports the bill that would place restrictions that would cap Payday loans at $600 allowing borrowers to only take out one Payday loan at a time. Auto title loans will no longer be offered when/if this bill passes. A vote to pass this bill could happen as quickly as next Tuesday. Concerns have been raised about a $1 fee for each transaction to pay for statewide database to track the loans. According to the Associated Press, Republicans argued the bill was flawed and the public should have more time to consider the plan unveiled late last week. Leadpile will be watching….

As a follow up to our past entries regarding the payday loan industry in Arizona, the bill that would allow lenders to continue offering payday loans has been delayed.

According the azcentral.com the bill was pulled out of a hearing agenda recently. Republican Rep. Andy Tobin supporting the bill said that currently it does not have enough support, but vowed that more support would be gathered and the bill would be brought back.

Currently payday lenders are operating under a temporary exemption from Arizona’s 36% cap on annual interest rates. This exemption is set to expire on June 30th.

A new payday loan law has taken effect today in South Carolina. This new law was passed with the intent to protect consumers, however it seems that it actually has an ability to hurt consumers that already have an outstanding payday loan. A local SC news channel is reporting, “The new law limits consumers to just one payday loan at a time. It sets up a statewide database, starting Feb. 1, to keep track of all payday loans to prevent anyone from having more than one. But the database will not include past payday loans that are outstanding as of Feb. 1.” So will something like this prevent lenders from staying in the state of SC? Hopefully not.. because people in SC I am sure still need payday loans even though a new law was passed.