RSS FeedNew rules proposed by the government would change short-term credit for everyone, making it harder—sometimes impossible—for you, the customers, to get the money you need. These new rules would apply to PayDayHawaii’s Micro-Credit Advance, payday advances, and other forms of short-term credit.
Some of the rules include:
- Out of 365 days in a year, you would only be able to have an active loan for 90 days total.
- Every time you pay back a loan, you would have to wait 60 days before you can get another loan.
But you can act now to protect your financial freedom by signing the petition protesting these regulations at: http://wh.gov/iEcUd
Over 12 million Americans like you have responsibly used payday advances for short-term help over the past year alone. Don’t let the government take away your right to this critical financial tool.
The Consumer Financial Protection Bureau is well into its development of regulations to govern payday, auto title and other loans; the elements of which, including ability to repay requirements, presumptions regarding inability to repay, limitations on renewals, credit reporting/data bases, cooling off periods and more, will become law in every state.
And yet, the Consumer Financial Protection Bureau has conducted no consumer research on these issues.
You should know that FiSCA (Financial Service Centers of America, our governing trade organization) members that offer payday advances adhere to a rigorous Code of Conduct which can be viewed in detail on their website here.
FiSCA members are licensed lenders who comply with all federal, state and local regulations. Additionally, transparency is a key element of the payday advance product. Before entering into a transaction, the fees and terms of a payday advance are fully disclosed and posted in every store, and included in every contract.
It’s important for PayDayHawaii to help our customers make their voices heard. To that end, FiSCA has started a petition for review of these proposed regulations at We the People.
We the People is a section of the whitehouse.gov website for petitioning the current administration’s policy experts. Officials in the administration review petitions that receive 100,000 signatures within 30 days, and official responses are issued.
Act now to protect your financial freedom by signing the petition protesting these regulations at: http://wh.gov/iEcUd
The petition reads as follows:
“We petition the Obama Administration to:
We ask the United States government to leave payday loans alone. The Consumer Financial Protection Bureau wants to greatly limit our right to financial freedom.
Some of the rules being considered include limiting us to only being able to borrow money for 90 days out of the year and being forced to wait 60 days between loans. If these rules become law, many of us don’t know what we’ll do.
Why are you unfairly targeting us? These changes won’t impact you personally, but they will impact us. We use these loans responsibly and will be backed into a corner if they go away.
Payday loans are a tool that works for millions of Americans and we do not want them to be limited. We believe finances are a personal responsibility, and not that of the federal government.
We would like the government to hear our voices and leave payday loans alone.”
*WE MUST HAVE AT LEAST 100,000 SIGNATURES BY NOVEMBER 20*
If, by November 20th, 100,000 Americans sign the petition saying they want their short-term loans unchanged, the White House will have to officially respond.
Act now to protect your financial freedom by signing the petition protesting these regulations at: http://wh.gov/iEcUd
Ask your PayDayHawaii store associate for more details, at any handy location.
Don’t let the government take away your loans!
