Payday & Installment Loans Archives

Burkhardt et al. v. MoneyLion Technologies Inc. et al.

May 22, 2025

Johnathan Burkhard and Deven Burkhardt, individually and on behalf of all others similarly situated v. MoneyLion Technologies Inc., ML Plus, LLC, and MoneyLion of Florida, LLC, No. 3:25-cv-00693 (N.D. Fla.) This case seeks relief against predatory earned wage access lender MoneyLion and related companies on behalf of a nationwide class of servicemembers and their spouses…

MoneyLion’s Costly “0% APR” “Earned Wage” Payday Loans

May 22, 2025

A New York Attorney General (NY AG) lawsuit shows how costly “earned wage” payday loans can be -- up to hundreds of dollars a year.

CFPB Allows Payday Lenders to Inflict Multiple NSF and Overdraft Fees on Struggling Consumers

March 28, 2025

CFPB won’t enforce Bounced Payment Rule held up by U.S. Supreme Court, Fifth Circuit

Letter in Opposition to New Mexico HB 59

January 31, 2025

HB 59 would exempt fintech payday loans from New Mexico’s lending laws and interest rate limits. The bill is based on the model law by the conservative American Legislative Exchange Council (ALEC). It offers a fee limit that would still result in triple digit APRs and mounting fees, places no cap on purportedly voluntary “tips”…

CFPB Rescinds 2020 Advisory Opinion on Earned Wage Advances

January 16, 2025

The CFPB found that the 2020 Opinion’s analysis of what constitutes “credit” under TILA was “significantly flawed” and that the Opinion, which was limited to completely free advances, had been misunderstood and misused to support claims that EWAs are not credit.

50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees

November 21, 2024

Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.