Montel Williams out as payday loan pitchman for Las Vegas-based company

By Michael Virtanen, Associated Press

Tuesday, March 10, 2015 | 5:19 pm

ALBANY, NY — An online company is losing Montel Williams as its celebrity pitchman in New York while agreeing to stop generating leads in the state for payday loans with interest rates sometimes topping 1,000 percent, regulators said Tuesday.

An investigation found Las Vegas-based Selling Source LLC, doing business as MoneyMutual, marketed illegal loans online to New York residents, and the company will pay $2.1 million in penalties, the Department of Financial Services said.

Williams, a former Marine who hosted The Montel Williams Show for more than a decade, signed a consent order saying...

Leave a Comment March 28, 2015

Texas state house bill would limit payday loan fees

AUSTIN — A bill that creates a common-sense statewide solution to the payday lending crisis threatening the financial security of hundreds of thousands of Texans was filed today in the Texas House of Representatives.  The measure limits some of the worst short-term lending abuses in the state and mirrors the strong work done by 20 Texas cities over the past few years.

House Bill 2808, by Representative James White, R-Woodville, tracks the key provisions of the municipal ordinances in the following ways: limits the number of allowed refinances to four; requires a partial pay down of 25 percent for each refinance; and tightens definitions in current law to make consumer protections...

Leave a Comment March 27, 2015

North Wales health board’s money-saving prescription drugs plea

Prescription drugs in Wales are free, but one health board has urged patients to purchase some treatments, such as painkillers, themselves. Photo: Chris Ison/PA Wire

March 27, 2015

4 Money-Saving Apps for Today’s On-the-Go Entrepreneur

March 27, 2015

Video: Money Saving Expert Martin Lewis gives his verdict on George Osborne’s …

March 27, 2015

Malaysian duo finds success with financial planning app

The pie chart is useful in showing which categories you spend most in, says Ding.

For example, you may notice you have been spending more than 50% of your expenses in entertainment but only 20% on your baby. You get to weigh what your priorities are and which areas you would like to cut down on, Ding says.

Meanwhile, the line graph compares the users daily expenses to his average daily budget.

Pointing to a green line on the graph, Ding says it represents the amount one should not exceed if one were to meet the targeted budget.

If your expenses that day exceed the budget you have set, you will see a spike above the green line topped with by a red dot, he states,...

March 26, 2015

Don’t change what’s working

Simply put, there is no reason for the Legislature to give any further consideration to so-called reforms to the states short-term lending rules, as passed by the Senate last week. Theres no reason because theres no benefit to anyone other than the payday loan industry.Lynnwood Democrat Sen. Marko Liias bill, SB 5899, which is now in the House for consideration, would replace the current systems reforms passed by the Legislature in 2009. Currently, payday loans are limited to $700 at any one time, and a borrower cannot take out more than eight loans in a 12-month period. Fees are limited to 15 percent on amounts $500 or less, with an additional 10 percent on amounts over $500. Loans are short-term,...

March 26, 2015

Hull People’s Premium app to bring money-saving ideas and best deals


RESIDENTS in Hull who struggle to manage their finances can take advantage of a new money-saving mobile app.

The Hull Peoples Premium is a new service to help residents find out about deals, discounts and other ways to save money.

Launched in partnership with Hull City Council and local technology firm Real Design, the mobile app will provide information on services and products that can reduce household spending.

Councillor John Hewitt, portfolio holder for neighbourhoods and communities, said: We are keen to do all we can to help people make their money go further and the launch of Hull Peoples Premium is a great initiative...

March 26, 2015

Fundbox Clinches $40M Series B for Short-Term Lending Product

[Updated 3/19/15, 6:20 pm. See below.] Fundbox, a short-term lender for small businesses that charges a fee during repayment, is focused on an issue businesses of every size have: cash flow.

The San Francisco-based company helps business owners manage finances, like bills and invoices that customers haven’t yet paid. An owner can sign up for for the Fundbox service without an application, instead uploading its invoice or tax records from a program such as Quicken to the startup’s online system. The Fundbox software uses that data to run what amounts to a credit check, assessing the financial risk of the company, gauging it against the rest of Fundbox’s portfolio, and checking...

March 25, 2015

Is Low Volatility Lulling Investors Into A False Sense Of Confidence?

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Weve all had that perfect day – muted wind, mild temperatures, and a blue sky without a cloud in sight – yet couldnt help but feel that something was wrong. By the next morning, a storm raged outside and all vestiges of sunshine and pleasantries were gone.

Trading in the current market environment might feel eerily similar to that first day — the calm before the storm.

In the past year, the Samp;P 500 has marched forward for a gain of 10.47% without tripping over potential landmines like falling oil prices, the Russia/Ukraine incident, and downbeat global economic revisions.

Its almost as if risk hasnt been an issue at all. Take...

March 25, 2015

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