Microservices Expo Authors: Elizabeth White, Mehdi Daoudi, Pat Romanski, Flint Brenton, Gordon Haff

News Feed Item

Know the Risks of Illegal Lending

Predatory Lending Is $40 Billion Dollar Industry

MISSION, KS -- (Marketwired) -- 06/23/14 -- (Family Features) Millions of Americans are finding out that the online payday loan they took out was provided by an illegal lender. These thieves have duped consumers into paying exorbitant interest rates and sky high fees on loans -- robbing them of their hard-earned cash.

Deterring theft, protecting consumers

In a dramatic shift of power, Consumer Financial Advocates has launched LoanReverse.com, a web service aimed at putting illegal, online lenders out of business and helping hard working Americans recover their cash, up to $1,000 per loan. The secure, easy-to-use website gathers a borrower's loan information, establishes his or her eligibility for a refund and then contacts the financial institution to facilitate the "loan reversal." This essentially recovers interest and fees, ending the obligation of the individual to repay the loan.

"This is a life changing service that on average will essentially put the amount of the original loan back in the hands of the borrower without any further obligation to pay the principal," said Buckley Carlson, a spokesman for Consumer Financial Advocates. "Through LoanReverse.com, we are succeeding where the government has failed; putting the squeeze on illegal, online predatory lenders, putting cash back into the pockets of these unwitting victims and helping them to identify alternative and affordable legal lenders. All in a process that takes about five minutes per loan."

Carlson added that LoanReverse will essentially be obsolete after a few weeks once the illegal online loan industry has been closed. "Time is ticking for people to recover their money as the third-party clearing houses that coordinate payment transfers are going to wake up and not accept transactions from these illegal lenders that hide online in a shadowy world that cons more than $40 billion annually out of hard working people."

Understanding illegal online payday loans

More than 43 million online payday loan applications are submitted every year -- that's 120,000 per day. However, not all payday loans are equal. According to research by Pew Charitable Trust, approximately 90 percent of online loans are illegal, meaning the lender is not licensed in the state it is doing business, charges interest rates above state laws or is violating loan rollover regulations.

The federal government has taken steps to regulate payday lending and 18 states have effectively banned such loans by capping the interest rate that can be charged on small loans. These efforts have thus far failed to reign in online illegal lenders, and currently millions of financially struggling Americans are falling deeper and deeper into debt as the borrowing cycle continues.

"Many states and the Federal Government, through the Consumer Financial Protection Bureau (CFPB), are working to regulate the payday loan industry but individuals and families who continue to struggle need to understand where their loan is coming from," said Carlson. "If it isn't clear on the lenders website that they are licensed in the borrowers state, chances are they are a predatory lender."

A harmful solution

Payday loans offer one solution that allows workers to borrow in advance against their paycheck with a loan that offers cash, due in full on the borrower's next payday, usually two weeks in advance. While borrowers find fast relief and don't hesitate to incur the $20, $30 or even $40 fees per $100, they are often unable to repay the loan and take out extensions. This can leave the borrower indebted for months as the interest rate escalates from 100 to more than 1,000 percent as the loan repayment is postponed.

"LoanReverse.com is going to change the online lending industry. The first step is to help people reverse debits illegally drawn from their accounts, set the stage to stop future unauthorized withdrawals and eradicate the obligation of principal repayment for borrowers," said Carlson. "However, the working middle class will still need a place to turn for short-term loans and we want to point them to the legal, affordable store-front and online lenders, such as Cash America or lendup.com."

Carlson encouraged those with online loans to visit https://LoanReverse.com to see if they are entitled to a refund and to learn more about illegal online loans.

For more information, visit https://LoanReverse.com.

Where to turn for help and more information:

About Family Features Editorial Syndicate
This and other food and lifestyle content can be found at www.editors.familyfeatures.com. Family Features is a leading provider of free food and lifestyle content for use in print and online publications. Register with no obligation to access a variety of formatted and unformatted features, accompanying photos, and automatically updating Web content solutions.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2623804
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2623807

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@MicroservicesExpo Stories
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
For over a decade, Application Programming Interface or APIs have been used to exchange data between multiple platforms. From social media to news and media sites, most websites depend on APIs to provide a dynamic and real-time digital experience. APIs have made its way into almost every device and service available today and it continues to spur innovations in every field of technology. There are multiple programming languages used to build and run applications in the online world. And just li...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
The general concepts of DevOps have played a central role advancing the modern software delivery industry. With the library of DevOps best practices, tips and guides expanding quickly, it can be difficult to track down the best and most accurate resources and information. In order to help the software development community, and to further our own learning, we reached out to leading industry analysts and asked them about an increasingly popular tenet of a DevOps transformation: collaboration.
We call it DevOps but much of the time there’s a lot more discussion about the needs and concerns of developers than there is about other groups. There’s a focus on improved and less isolated developer workflows. There are many discussions around collaboration, continuous integration and delivery, issue tracking, source code control, code review, IDEs, and xPaaS – and all the tools that enable those things. Changes in developer practices may come up – such as developers taking ownership of code ...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Cloud Governance means many things to many people. Heck, just the word cloud means different things depending on who you are talking to. While definitions can vary, controlling access to cloud resources is invariably a central piece of any governance program. Enterprise cloud computing has transformed IT. Cloud computing decreases time-to-market, improves agility by allowing businesses to adapt quickly to changing market demands, and, ultimately, drives down costs.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
How is DevOps going within your organization? If you need some help measuring just how well it is going, we have prepared a list of some key DevOps metrics to track. These metrics can help you understand how your team is doing over time. The word DevOps means different things to different people. Some say it a culture and every vendor in the industry claims that their tools help with DevOps. Depending on how you define DevOps, some of these metrics may matter more or less to you and your team.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an integrator of carrier ethernet and bandwidth to get people to connect to the cloud, to the SaaS providers, and the IaaS providers all on ethernet," explained Paul Mako, CEO & CTO of Massive Networks, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Grape Up leverages Cloud Native technologies and helps companies build software using microservices, and work the DevOps agile way. We've been doing digital innovation for the last 12 years," explained Daniel Heckman, of Grape Up in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Let's do a visualization exercise. Imagine it's December 31, 2018, and you're ringing in the New Year with your friends and family. You think back on everything that you accomplished in the last year: your company's revenue is through the roof thanks to the success of your product, and you were promoted to Lead Developer. 2019 is poised to be an even bigger year for your company because you have the tools and insight to scale as quickly as demand requires. You're a happy human, and it's not just...
The enterprise data storage marketplace is poised to become a battlefield. No longer the quiet backwater of cloud computing services, the focus of this global transition is now going from compute to storage. An overview of recent storage market history is needed to understand why this transition is important. Before 2007 and the birth of the cloud computing market we are witnessing today, the on-premise model hosted in large local data centers dominated enterprise storage. Key marketplace play...
Cavirin Systems has just announced C2, a SaaS offering designed to bring continuous security assessment and remediation to hybrid environments, containers, and data centers. Cavirin C2 is deployed within Amazon Web Services (AWS) and features a flexible licensing model for easy scalability and clear pay-as-you-go pricing. Although native to AWS, it also supports assessment and remediation of virtual or container instances within Microsoft Azure, Google Cloud Platform (GCP), or on-premise. By dr...
With continuous delivery (CD) almost always in the spotlight, continuous integration (CI) is often left out in the cold. Indeed, it's been in use for so long and so widely, we often take the model for granted. So what is CI and how can you make the most of it? This blog is intended to answer those questions. Before we step into examining CI, we need to look back. Software developers often work in small teams and modularity, and need to integrate their changes with the rest of the project code b...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...