BANCO POPULAR EXITS PAY DAY LOAN BUSINESS: GET FINANCING

Afraid that image issues afflicting the country’s pay day loan industry will sully its reputation, Banco Popular has chose to stop providing such loans indefinitely.

The Puerto Rican banking business, which includes a big U.S. that is mainland presence in Chicago, is discontinuing a pilot system for pay day loans in Texas and halting brand new loans at its forex workplaces in Ca and Florida. Together, the programs have about $425,000 in pay day loans outstanding.

Payday advances are usually two-week loans for a couple hundred bucks meant to assist clients with temporary cash-flow problems–something to tide them over until their next payday, when they’re expected to pay the loan off. The industry has arrived under fire in present months because some shops allow clients to restore their loans–which carry annual portion prices since high as 1,300 percent–until they truly are profoundly with debt.

Banco Popular would not enable loan rollovers and supplied “better than industry terms,” relating to bank officials, whom stated their yearly portion rates had been below 500 per cent.

Nonetheless, the financial institution happens to be painted because of the brush that is same other payday lenders and has now chose to grab of this market–something officials consider necessary, because of the aggressive environment toward payday lenders, but one thing they think could harm clients.

“It may drive them to unpleasant options, which most of the item experts usually do not completely comprehend,” stated Richard Carrion, leader of Popular Inc. in San Juan, Puerto Rico.

Roberto Herencia, mind of Banco Popular the united states, said some options individuals might look to consist of loan sharks and pawning.

Nevertheless, Herencia stated, “we would rather move as well as allow the payday loan debate continue. We are maybe maybe perhaps not saying we will never ever do that once again, but we will not get it done until it is best debated and better regulated and folks determine what this product does.”

Gripe session: Ed Liddy, leader of Allstate Corp., took their lumps during the company’s yearly meeting a week ago, acknowledging the insurer’s bad stock and profits performance and listening patiently into the complaints of agents who will be unhappy about strategic changes that Liddy has set up.

In connection with stock cost, which dropped 36.4 % in 1999 weighed against a 27.5 per cent drop when it comes to Standard & Poor’s property/casualty index, Liddy stated Allstate has “borne a lot more than our reasonable share of investors’ motion out of insurance shares and into other sectors, including economy that is new.”

The stock performance is “as unsatisfactory if you ask me you,” he told shareholders as it is to.

Liddy additionally fielded a number of concerns and complaints from agents, including some who’ve kept or are leaving due to a brand new contract meaning all agents will not be workers.

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