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Money Shop set to overhaul price of its loans after payday crackdown

The Money Shop is also relaunching a pre-paid credit card to cater for customers unwilling or unsuitable to apply for other forms of consumer credit.

Several brands and providers are under consideration, more than a year after the firm withdrew its Titanium pre-paid Mastercard.

Pawnbroking and cheque-cashing services are set to be an ongoing part of the high street business.

DFC Global, the parent company of Dollar Financial UK, was taken over by the American private equity group Lone Star in a $1.3bn (£843m) deal last summer.

The British business is also attempting to integrate its various operations, including online operators Payday UK and Payday Express,...

$172 million in loans going to water projects in Michigan

LANSING, Mich. (AP) — More than $172 million in loans will fund wastewater or drinking water projects around Michigan that are needed to improve water quality and public health.

The state Department of Environmental Quality says Friday that the loans include more than $3 million in principal loan forgiveness.

Some of the loans are from the Clean Water State Revolving Fund. They include $114 million with $1.5 million in loan forgiveness for Detroit; $12 million for Dearborn; $9.8 million with $1 million in loan forgiveness for Pontiac; and $5 million for Clinton Township.

They also include $2.2 million with $150,000 in loan forgiveness for the Malletts Creek Drain...

Quicken Loans ‘pleased’ to see former contractor charged by feds

DETROIT, MI – Quicken Loans in a statement issued Wednesday night said they were pleased to learn that charges had been brought against a former contractor who worked for the company about three years ago.

The US Department of Justice Tuesday filed charges against Aerotek contractor Cynthia Slay, who allegedly gave bank account information from loan applicants to a source who then stole $22,000 from the accounts.

Slay is charged with conspiracy to commit bank fraud.

In Wednesday nights statement, Quicken spokesman John Perich said they knew about Slays suspicious behavior, which resulted in the theft of about $2,000 from a Bank of America account belonging to a Quicken...

9 States With the Most Identity Theft Complaints

The Consumer Sentinel Network (CSN) received nearly 2.6 million consumer complaints in 2014, 13% of which were identity theft complaints, the largest complaint category. Scams involving government documents such as fraudulent tax filings were the most common method of identity theft. Florida reported 37,059 identity theft complaints, or 186.3 per 100,000 people, each the largest figures by far of any state. 24/7 Wall St. reviewed the nine states with the most identity theft complaints per 100,000 people.

Click here to see the nine states with the most identity theft complaints. 

While identity theft complaints are far more common in these nine states than in others, there are no safe...

Good News on College Costs: Student Loan Rates to Drop Soon

In a rare bit of good news for students facing hefty college bills, interest rates on federal student loans are expected to head lower soon.

Rates on US student loans are on track to drop by half a percentage point for the upcoming academic year when they are reset in July. As tuition prices escalate, borrowers have racked up $1.2 trillion in student debt, mostly in federal loans.

The expected reset would mean a college student with the average $28,000 in federal loans could save about $800 over 10 years in the most popular loan program for undergraduates, called the Stafford, assuming rates stay constant, according to a government...

Quicken Loans worker charged with bank fraud by Justice Department

DETROIT, MI – Quicken Loans took another hit just a few days after the Detroit loan giant got into the ring with the US Justice Department.

The Detroit News reports that the Justice Department has charged a former Quicken contractor with conspiracy to commit bank fraud.

The DOJ accused Quicken contract worker Cynthia Slay of giving bank account information from loan applicants to an unnamed source who then stole $22,000 from the accounts.

Slay no longer performs work for the company, according to Quicken spokesman John Perich.

According to The Detroit News, Slay allegedly used a Craigslist add to get people to help her drain the accounts.

The DOJ alleges...

College loans, frantic bidding wars thwart young Seattle homebuyers

But two things got in their way: Adam Sherman’s student loans from getting two advanced degrees, including a law degree, and the seemingly ever-rising home prices in the city.

Their story of school loans holding them back, and the challenge of an incredibly competitive home-buying market in the Seattle area are indicative of what many young couples struggle with as they look to buy that important first home. In many cases, those hurdles can be too much for people to overcome.

The Shermans went to four mortgage lenders before the pair found a lender willing to give them a loan that worked. Adam Sherman’s loans were a huge hindrance for the process because although...

Student Loans

Student loans are quick to follow after graduation and before you know it you are having to make payments for the thousands of dollars you had taken out for classes. />

Student Loans

Lending startup Affirm may be popular, but its loans are a problem

Online payment platform Affirm has skyrocketed in popularity recently, drawing $275 million from venture capital investors. The company operates by allowing users to take out loans at check-out at select online stores. In this way, Affirm has been marketing itself as a better alternative payment method to credit cards by being easier, quicker, and more transparent. This promise has raised eyebrows among many personal finance experts.

Affirm caters to the worst behavior of credit card users – namely, carrying balances. Giving a person the ability to sign up for a 3, 6, or 12-month payment plan isn’t fixing anything about the dangers of credit card misuse. Just because users...

Affordable Used Cars Get Cheaper

The latest report from Manheim is good news for credit-challenged buyers in the market for a small to midsize affordable used car

Good cars for bad credit buyers

One of the keys to successfully reestablishing your credit with a high-risk car loan is picking the right kind of vehicle to finance. In most cases this means choosing an affordable used car.

But according to the latest report from vehicle remarketer Manheim (a company that runs the largest used vehicle marketplace in the United States), used vehicle prices are, year over year, on average, higher than they were in 2014.

Manheim 2015 first quarter report

According to Manheim, wholesale used car prices...