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Payday Loan

Internet payday loan company settles Montana lawsuit

After three years of litigation, at least 406 Montana consumers who took out Internet payday loans at exorbitant interest rates from LoanPoint USA will have their loans forgiven and many will share a $233,000 settlement.

March 19, 2014 9:10 pmLoading…
Payday lending ruling

Payday lending ruling

The Montana political practices commissioner found sufficient evidence that some groups backing a 2010 initiative to cap interest rates on payday loan violated state campaign finance laws.

July 03, 2012 5:35 pmLoading…
Backers of payday-loan initiative tagged with violations

Backers of payday-loan initiative tagged with violations

HELENA — The state political practices commissioner Tuesday found sufficient evidence that some groups violated state law with their efforts to pass a 2010 ballot initiative that capped the interest rates on payday loans in Montana.

July 03, 2012 5:12 pm Related Loading…

State says payday loan initiative broke the rules

HELENA — Montana's political practices commissioner says the campaign behind a 2010 initiative that restricted payday loans had several problems.

July 03, 2012 1:33 pm
Anticipation: Some see tax refund loans as rip-offs, others as a lifesaver

Anticipation: Some see tax refund loans as rip-offs, others as a lifesaver

A young man braving biting wind and snow walked up to a small kiosk outside Laser 1040 Tax Service recently, asking, “Will you cash this check?”

March 04, 2012 12:10 am Photos

Photos

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Fighting for troops' finances

Fighting for troops' finances

HELENA -- Payday loans, some believe, began way back among the Roman soldiers in the time of Caesar.

January 12, 2012 11:00 amLoading…

Montana Budget and Policy Center gets grant

HELENA - The Montana Budget and Policy Center in Helena has received a $200,000 grant to help pay for continued research and analysis of state economic, budget and tax policies, officials said.

December 24, 2011 3:11 pmLoading…
Caveat emptor: Consumers should be vigilant during hard economic times

Caveat emptor: Consumers should be vigilant during hard economic times

Billings businessman and City Councilman Mark Astle had his check for $149.66 to pay for Internet and cable services cashed twice over two consecutive days in June.

July 31, 2011 12:10 am Photos

Photos

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John Heenan

John Heenan

Billings attorney John Heenan sits with his client, Tiffany Kelker, who is suing an out-of-state Internet lender. Heenan said Kelker is paying interest rates topping 1,000 percent annually on a $500 loan when Montana law only allows 36 percent interest.

July 31, 2011 12:00 amLoading…

Initiative 164 will do more good than some supporters knew

Those who voted to put payday loan companies out of business did not know just how great a thing that really was. I have just found out the hard way that there is no one in one of these companies that has showed me even a remote sense of caring for another human. In dealing with them this pa…

January 02, 2011 12:00 amLoading…
Bernie Harrington

Bernie Harrington

Bernie Harrington of EZ Check Cashing says passage of I-164 was a “hollow victory” for its backers.

January 01, 2011 12:00 amLoading…
Voters pass loan, tax measures

Voters pass loan, tax measures

HELENA - Montana voters on Tuesday passed ballot measures capping the interest rate on payday loans at 36 percent and amending the state constitution to block the government from ever imposing a certain type of real estate tax.

November 03, 2010 12:24 am Related Loading…

Guest opinion: Predatory loans trap families in high-cost cycle of debt

Seeking to protect their triple-digit interest rates here in Montana, payday lenders have a new argument for why voters should continue to allow them to charge exorbitant rates: “It’s only $75 per $300.” Certainly, this would be true, if a borrower were to take just one $300 loan, pay back $…

October 25, 2010 12:00 amLoading…

1-164 would likely backfire

The I-164 debate is missing the key point, which is this: if you think that by voting for this law you are helping people who can’t get a bank loan to get cheaper loans elsewhere, you are wrong. If you vote yes on I-164, you will hurt the people you are trying to help. How much payday and no…

October 24, 2010 12:00 amLoading…

Gazette opinion: No need for more regulation of payday lenders

Before Montanans vote on Initiative 164, which would cap rates on payday loans, they really ought to know how Montana law already regulates these small, short-term loans.

October 18, 2010 12:10 amLoading…

Guest opinion: I-164 would protect families from usurious rates

Back in 2006, the U.S. military did the right thing. It took action to protect military families by capping the interest rates on predatory payday and car title loans. Now Montana voters are poised to do the same.

October 18, 2010 12:05 amLoading…

Don’t take lending choice away from consumers

In a recent article in The Gazette, it reported that payday lenders had written $45 million in loans. Considering that the largest loan is $300, what does that tell you? It tells me the obvious, and that is that this is a much needed service in the state of Montana. Payday borrowers are not …

October 17, 2010 12:00 amLoading…

Payday loans trap borrowers in debt

I am writing in regard to Initiative 164 and am urging everyone to support this. I have on occasion come to a point where I turned to these institutions to get a short term loan and just wanted to clear something up that I keep hearing.

October 17, 2010 12:00 amLoading…

Payday initiative will stay on Nov. ballot

HELENA — The voter-initiative to cap interest charged by payday and title lenders in Montana will remain on the Nov. 2 ballot, a state district judge ruled Thursday, as he soundly rejected payday lenders’ claims that Initiative 164 signature gatherers violated the law.

October 07, 2010 11:01 amLoading…

Are payday lenders predatory or just necessary?

HELENA — For a few bucks, Montanans can take out a “payday” loan for two weeks, to cover an unexpected expense - but the scores of businesses that make these and other short-term loans are being targeted by Initiative 164 as “predatory lenders.”

October 02, 2010 11:45 pm Related Loading…

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