Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Payday loans lenders are forced to stop making loans
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February 23, 2006
Payday loans lenders are forced to stop making loans
Federal Deposit Insurance Corporation (FDIC) have made several payday loan lenders stop making loans, unless they can meet FDIC's guidelines.
Among payday loan lenders that can be affected by this ruling are ACE Cash Express, Advance America, Cash Advance Centers, Dollar Financial Corp. and First Bank of Delaware.
First Bank of Delaware (FBD) said it ceases making payday loans, at least temporarily. This decision forces ACE Cash Express to stop its payday loan business in Texas within 30 days, as FBD uses ACE to offer payday loan in Texas.
Posted in Payday Loans at February 23, 2006 11:13 AM
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