Really? Repair your credit score!

March 29th, 2017

What is this credit score deal about? What credit score do you have? How much can it cost you by having a low credit score.

Credit score is important because it reveals your financial behavior about money you borrow and pay back.

Credit score represents to a lending institution a measure of your past financial responsibility and creditworthiness.

The score level of your credit can be checked by your landlord, credit cards at banks, furniture store credit or host of other financial or credit lending institutions.

A good to great credit score can take a bit of effort to maintain in the high levels but will pay dividends.

Six ideas to help your credit score go up:

1. Do not max out all your credit

2. Avoid closing the old accounts.

3. Be on time with payments.

4. Spend what you can pay off at the end of a month

5. Do not pay off all your loans too quickly

6. Establish and open new account(s).

5 tips to make your credit score boost

March 6th, 2017

Some people turn out to be more successful in money management than the others and consequently, they can benefit from their high credit scores. Actually, it is very profitable to have a high credit score, because there are situations in which it saves a lot of your money – for example, borrowers with good credit scores receive better interest rates.

If your financial habits left you with a low score, you should change them for those which will help you increase the score. Below you can find five things you must become aware of if you want to become one of those successful people.

  1. You need to know what the credit score is and check it regularly. To put it briefly, a credit score is a number from 300 to 850, and here the higher , the better. There is a whole range of factors which influence your score, but in general it concerns your debt and how you deal with it. Its purpose is to show the potential lenders how much credible you are – they can see your credit history and assess the risk of lending money to you. And people with high credit scores receive much better loan or credit card offers than those with the lower ones. First of all, learn about credit scores, and then, check it regularly  once a year just to know where you are at the moment.
  2. Being unpunctual in your payments lowers your score. The history of your payments constitutes 35 percent of the FICO score – it is a very influential factor. Therefore, if you tend to forget about your bills and you rarely pay them on time, you lose a lot. You need a good solution to this problem so think of a strategy that will make you a punctual payer, finally. We have some clues: choose automatic payments if you know you will keep forgetting, decide that you pay everything as soon as you receive the bill or choose one day in a month when you sit and pay everything at once.
  3. You should become well-organized with your financial actions. Monitor your budget and spending. Write everything down to keep control over your finances and due dates of any payments. You can consider Mint or LearnVest – softwares which help organize your finances.
  4. You should avoid high balances. Having a high limit on your credit card does not allow you to buy too much. Active credit accounts are needed for your credit report, but high balances are not welcome. If your credit utilization ratio does not exceed 30 percent, you just spend more than you can pay for and in this way you lower your score.
  5. Do not exaggerate with the new credit. It is significant to be sensible in getting more and more credit accounts, since opening a few ones in a short amount of time will decrease your score. Why? Just because such a situation is not well-seen by credit bureaus.

 

Now decide what you need to do to boost your credit score. Changing your financial routine may take a bit of time, but do not feel discouraged. Try to achieve the goals one by one and know that the final result is really worth the efforts.

Does your savings account influence your credit score?

March 6th, 2017

You may have heard this great news that opening an account in a certain bank will improve your credit score. It would be really great if we could improve our credit scores by opening an account alone, yet it is not so easy unfortunately. Actually, it can help, but in an indirect way rather than directly, since credit reports just do not inform about bank accounts. Your savings history has no direct influence on your credit score. Why is it so? Just because your credit report is focused on your debt, not your general financial situation. These are credit cards, loans or any other registered borrowed money, which decide on your credit report performance. Your investments and savings, and even your income, are not important when it comes to your credit score.

Why do some banks suggest that opening an account with them will help your credit score?

It is not a lie or a common sales talk to allure more unaware clients. As it was mentioned above, it can help, but only indirectly. It simply means that lenders, like credit card companies, will be more open to making any business with you when your bank accounts present you as a good financial manager. When you look more reliable, you have bigger chances to receive credit. Looking from this point of view, we can assume that creating a good account and then using it in a sensible way, really can help you built your better credit score in some way.

 

10 facts about credit scores you should know

March 6th, 2017

Probably all adults in the United States have at least encountered the term “credit score”. Quite a big part of your life depends on this three-digit number. For instance, a successful purchase of a new house, car or being accepted in a new job may be a result of your previous financial decisions and actions influencing your credit score. That is why, the more you know in this area, the better.

Fact 1

There is more to it than FICO. It means that more organizations deal with analyzing your financial actions. Still, it is FICO which is considered the “king” of the scores and in 90% of cases, lenders’ decisions are based on FICO. The next significant one is VantageScore.

Fact 2

You can get a few versions of your FICO score. Three of them are most significant. Experian, Equifax and TransUnion are the credit bureaus which give the potential lenders an insight into your finances. The three scores can vary a bit and you can be never sure if your lenders will check one or all three. Just in case, you can pay slightly more and monitor all.

Fact 3

Not only a loan depends on your score. Insurance or cellphone companies, employers or even landlords can check your score before doing business with you, so as to learn if you are worth their trust. It, actually, provides a good picture of you.

Fact 4

You can check your credit for free. The website annualcreditreport.com provides the credit reports for everyone every year. You can also subscribe to a special service which enables you to have more frequent insight into your situation seen from the formal side.

Fact 5

According to the FICO score range, good credit scores start at 690. 720 and above means the excellent result. In fact, it depends on what you need the score for, because the notion “good score” can vary.

Fact 6

People with better scores pay less. Good score guarantees more offers and, what is more, the better ones. It is best seen on the example of the mortgage interest rates which are lower for those with higher scores.

Fact 7

Bad credit now does not mean the end of everything. The older the bad item on your credit report, the less important it becomes. Especially when you try to make up for your bad decisions and behavior, it systematically loses the power of its impact.

Understanding your Credit Score | by Wall Street Survivor

Fact 8

A small credit card balance turns out to be healing for your dropping score. The credit utilization should not be high, but no balance at all will not do your score good as well.

Fact 9

There is some information which does not influence your credit score. These are the obvious: place of living, age, race, religion, marital status or sex, and also some concerning your finances like: salary, profession, employment history, interests on debts, child obligations, participation in credit or financial counseling.

Fact 10

Surprisingly or not, lots of people do not have a score. If you want to have it you should open an account and use your credit.

Is it possible to receive a mortgage when your credit score is 580?

March 6th, 2017

A low credit score does not disqualify you from the struggle for your own home. FHA mortgages are available also for clients with a credit score as low as 580. Nevertheless, the average score of the approved mortgages is 686, so is there still hope for poor score borrowers? Good news: yes, there is. And in this article we provide some useful information in order to help you buy a home even with a low credit score.

Low scores and FHA

The facts say that with a credit score of at least 580 you may receive 96.5 percent mortgage and lower scores will require 10 percent down. So where is the problem? – you may think. The problem is a bad credit, not a low FICO score in itself.

What with your bad history?

Your bad actions from the past turn out to be a harmless factor for your financial credibility. Yet, not all weak points of your credit-related behavior influence the score to the same extent. Lenders just need to ensure that doing business with you is not a high-risk situation, thus, if they check your history and they see “continuous slow payments, judgments, and delinquent accounts”- the bad history items indicated by the FHA guidelines- they will not approve your application. In such circumstances you need to offer some compensation in order to get a loan. Of course, if the bad actions took place a long time ago and you have already proved to be financially credible (in the period of at least 12 months), your chances grow.

Compensating factors

These most powerful and beneficial for you are:

  • Downpayment – must be higher than average, between 5 and 10%
  • Debt-to-income ratio – take care of lowering it to at least 38%
  • Housing expenses which are higher than the possible new ones including a loan costs
  • Impressive savings

Downpayment in the case of low scores

If your score is less than 686, you must be prepared for higher downpayment. You should also work on a better ratio between your debt and income.

What to do to pay less?

It seems sensible to find a few options to choose between. Check out more lenders and their conditions, since the lender can give you a loan regardless of your lower score, but he can also decide not to do this or just offer you too high interest. If you want to have a choice and be offered with lower interests you need to find more than one option to consider.

Last resort – what if not FHA?

The potential homebuyers have an alternative to FHA. If your efforts to obtain the FHA loan end up with failure, avoid giving up your dream of the own home immediately. Another option for you is a non-prime loan. As distinct from FHA, it will demand more downpayment money – starting from 15 % with the marginal 580 score, and even more, depending on how poor the score is. Unfortunately, the costs of all fees and interest included in the non-prime loan are also much higher than it is in the case of FHA.

Highly Experienced Short-Term Lending Executive Available – Do You Need Help?

January 23rd, 2017

Does your de novo or established short-term lending enterprise need a talented, experienced, executive?   [Name Redacted by Jer at Trihouse Consulting] has nine years of experience in the short-term financial industry. He brings extensive knowledge in multiple lending products including payday, installment and line of credit platforms. He has vast implementation experience with both […]

Tribe Sovereign Status at Risk? WikiLeaks?

January 12th, 2017

By: Jer Ayles at Trihouse Consulting. 702-208-6736 There’s an interesting “Conversation” written by Matthew Fletcher Professor of Law & Director of the Indigenous Law & Policy Center, Michigan State University. His thesis is that a negative outcome of a personal injury case under review by the Supreme Court could expose Indian tribes to new legal risks […]

Texas OCCC Payday Loan License Expires?

December 28th, 2016

Texas OCCC Regulated Lender Licenses Expire at Midnight on 12/31/16. For those of us offering loans in Texas, here is a copy of the alert we received from the Texas OCCC: Good afternoon, This is a final reminder that regulated lender license renewal is now open online via ALECS and must be renewed by December […]

Best Credit Check Websites For 2017

December 9th, 2016

Credit Karma
Credit Sesame
Wise Piggy

CFPB Under Attack Again by PDL, Banks, Credit Union Trade Groups

December 8th, 2016

Congress Attacks All Planned CFPB Rules By: Jer Ayles-Trihouse. Financial, fintech, banking and credit union trade groups are storming Congress to  repeal all upcoming CFPB [Consumer Financial Protection Bureau] rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act. All of us in the payday loan, installment […]

Bank Accounts for Payday Loan Lenders

November 28th, 2016

By: Jer Ayler at Trihouse Consulting Payday loan lenders and micro-lenders continue to suffer from “bank discontinuance” issues as a result of “Operation Choke Point” launched by the Obama administration in August 2013. The Community Financial Services Association of America (CFSA) and Advance America said ” a preliminary injunction was needed to end the back-room […]

Payday and Title Loan Requirements

October 18th, 2016

Typical Criteria Required to Apply for a Payday Loan, Installment Loan, or Car Title Loan

This is a list of fairly typical requirements of consumers to qualify for a loan. These criteria are dependent on the state the borrower resides in, the status of the lender [startup, seasoned…]…

Payday Loan/Installment Loan:

  • Valid ID/DL
  • Proof of Income
  • Debit Card {No temp cards}
  • Completed Loan Application
  • Pass credit reporting agency filters
  • Military Exemption
  • Reside in state having enabling payday loan legislation
  • References 3

Title Loan:

  • Valid ID/DL
  • Titled Vehicle
  • Title – Lien Free {Co-signors?}
  • Valuation – 50% Rough Value/Salvaged 20% Rough Value
  • Proof of Residency – Utility Bill/Lease/Mortgage Statement
  • Proof of last payroll amount
  • Completed Loan Application
  • Completed Vehicle Evaluation Sheet
  • Military Exemption
  • Cell phone statement {make copy}

Click this link to get the “Bible” on “How to Start a Payday Loan or Title Loan Company.”

How-Start-Car-Title-Pawn-Business

Payday Loan Franchise?

Bedford Texas City Ordinance: Payday Loan Stores

October 16th, 2016

 

A Typical Texas Payday Loan City Ordinace

ORDINANCE NO. 16-3183

AN ORDINANCE OF THE CITY OF BEDFORD, TEXAS SETTING FORTH REGISTRATION

REQUIRMENTS AND CREDIT EXTENSION GUIDELINES FOR CREDIT ACCESS BUSINESSES;

CONTAINING A SAVINGS CLAUSE; PROVIDING A PENALTY CLAUSE; AND PROVIDING AN

EFFECTIVE DATE.

WHEREAS, the City of Bedford, Texas is a home rule city acting under its Charter adopted by the

electorate pursuant to Article XI, Section 5 of the Texas Constitution and Chapter 9 of the Local

Government Code; and,

WHEREAS, the City of Bedford, Texas contains credit access businesses, which provide payday

loans and advances to consumers who work and reside within the City; and,

WHEREAS, the City Council of the City of Bedford has determined that certain credit access

businesses engage in abusive and predatory lending practices, offering easy money to those

members of our community who are in a tight spot with onerous terms and fees; and,

WHEREAS, the practices of certain credit access businesses cause members of our community to

become trapped in a cycle of short term, high interest loans resulting in large debt and huge

payments; and,

WHEREAS, the Pew Charitable Trusts, in their publication entitled Payday Lending in America: Who

Borrows, Where they Borrow, and Why, (July 2012), wrote that “payday loans are sold as two-week

credit products that provide fast cash, but borrowers are actually indebted for an average of five

months per year.” The report further noted that “on average, a borrower takes out eight loans of $375

each per year and spends $520 on interest;” and,

WHEREAS, the Pew Charitable Trusts, in their publication entitled Payday Lending in America: Who

Borrows, Where they Borrow, and Why, (July 2012), also noted: “How much borrowers spend on

loans depends heavily on the fees permitted by their state. The same $500 storefront loan would

generally cost about $55 in Florida, $75 in Nebraska, $87.50 in Alabama, and $100 in Texas, even if it

were provided by the same national company in all those states. Previous research has found that

lenders tend to charge the maximum permitted in a state;” and,

WHEREAS, the Pew Charitable Trusts, in their publication entitled Payday Lending in America: Who

Borrows, Where they Borrow, and Why, (July 2012), also stated that “the vast majority of borrowers

use the loans on a long-term basis, not temporary one. Thus it seems that the payday loan industry

is selling a product few people use as designed and that imposes debt that is consistently more costly

and longer lasting than advertised;” and,

WHEREAS, the Community Financial Services Association of America (CFSA), the national trade

association for companies that offer small dollar, short-term loans or payday advances includes the

following in the “Member Best Practices” as listed on its Internet site (http://cfsaa.com/cfsa-memberbest-practices.aspx):

“Members shall not allow customers to rollover a payday advance (the

extension of an outstanding advance by payment of only a fee) unless expressly authorized by state

law, but in such cases where authorized will limit rollovers to four or the state limit, whichever is

less.” The need for consumer understanding was also outlined on this website: “A contract between

a member and the customer must fully outline the terms of the payday advance transaction. Members

agree to disclose the cost of the service fee both as a dollar amount and as an annual percentage rate

(“APR”);” and,

WHEREAS, the Center for Responsible Lending, a non-profit, non-partisan organization, states on its

internet site (http://www.responsiblelending.org/other-consumer-loans /tools-resources/fastfacts.html)

that: “car title loans are based on the value of a borrower’s car – the ability to repay the

loans is not factor in the lending decision…”; “loan rates for a car title are typically 20-30 times that

of rates charged by credit card issuers…”; “the average car title customer renews their loan 8

ORDINANCE NO. 16-3183

times…”; and, “on a $500 title loan, this average customer will pay back $650 in interest over eight

months; the principal borrowed will be in addition;” and,

WHEREAS, lenders hold onto the motor vehicle title and when borrowers cannot continue to pay the

fees, they can lose their vehicles, which can drastically affect the borrower’s means of transportation

for work and other essential household functions; and,

WHEREAS, the City Council of the City of Bedford, Texas hereby finds and determines that the

regulation of credit access businesses as set forth herein is in the best interest of the public and is

in furtherance of the public health, safety, morals, and general welfare.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEDFORD:

SECTION 1. That all matters stated in the preamble are hereby found to be true and correct and are

incorporated herein by reference as if copied in their entirety.

SECTION 2. That Chapter 26, “Businesses” of the Code of Ordinances of the City of Bedford, Texas is

hereby amended by adding Article IV. “CREDIT ACCESS BUSINESSES” to read as follows:

Sec. 26-121. – Short title and purpose.

(a) This article may be known and cited as “Credit Access Businesses Regulation.”

(b) The purpose of this article is to protect the welfare of the citizens of the City of Bedford by

monitoring credit access businesses in an effort to reduce abusive and predatory lending

practices. To this end, this article establishes a registration program for credit access businesses,

imposes restrictions on extensions of consumer credit made by credit access businesses, and

imposes recordkeeping requirements on credit access businesses.

Sec. 26-122. – Definitions.

As used in this article:

(1) Certificate of registration means a certificate of registration issued by the director under this

article to the owner or operator of a credit access business.

(2) Consumer means an individual who is solicited to purchase or who purchases the services

of a credit access business.

(3) Consumer’s language of preference is the language the consumer understands best.

(4) Credit access business has the meaning given that term in Section 393.601 of the Texas

Finance Code, or successor section.

(5) Deferred presentment transaction has the meaning given that term in Section 393.601 of the

Texas Finance Code, or successor section.

(6) Director means the City Manager or the person designated by the City Manager directed to

enforce and administer this article.

(7) Extension of consumer credit has the meaning given that term in Section 393.001 of the Texas

Finance Code, or successor section.

(8) Motor vehicle title loan has the meaning given that term in Section 393.601 of the Texas

Finance Code, or successor section.

ORDINANCE NO. 16-3183

(9) Person means any individual, corporation, organization, partnership, association, financial

institution, or any other legal entity.

(10) Registrant means a person issued a certificate of registration for a credit access business

under this article and includes all owners and operators of the credit access business

identified in the registration application filed under this article.

(11) State license means a license to operate a credit access business issued by the Texas

Consumer Credit Commissioner under Chapter 393, Subchapter G of the Texas Finance Code,

or successor section.

Sec. 26-123. – Violations; penalty.

(a) A person who violates a provision of this article, or who fails to perform an act required of the

person by this article, commits an offense. A person commits a separate offense for each and

every violation relating to an extension of consumer credit, and for each day during which a

violation is committed, permitted, or continued.

(b) An offense under this article is punishable by a fine of not more than $500.

(c) A culpable mental state is not required for the commission of an offense under this Article IV of

Chapter 26 of the Bedford Code of City Ordinances and need not be proved.

(d) The penalties provided for in Subsection (b) are in addition to any other remedies that the city may

have under city ordinances and state law.

Sec. 26-124. – Defenses.

It is an affirmative defense to prosecution under this article that at the time of the alleged offense the

person was not required to be licensed by the state as a credit access business under Chapter 393,

Subchapter G, of the Texas Finance Code.

Sec. 26-125. – Registration required.

(a) A person commits an offense if the person acts, operates, or conducts businesses as a credit access

business without a valid certificate of registration.

(b) A certificate of registration is required for each physically separate credit access business.

26-126. – Registration application.

(a) To obtain a certificate of registration for a credit access business, a person must submit an

application on a form provided for that purpose to the director. The application must contain the

following:

(1) The name, street address, mailing address, facsimile number, email address and

telephone number of the applicant.

(2) The business or trade name, street address, mailing address, facsimile number, email

and website address and telephone number of the credit access business.

(3) The names, street addresses, mailing addresses, email addresses and telephone

numbers of all owners of the credit access business, and the nature and extent of each

person’s interest in the credit access business.

ORDINANCE NO. 16-3183

(4) A copy of a current, valid state license held by the credit access business pursuant to

Chapter 393, Subchapter G of the Texas Finance Code.

(5) A copy of a current, valid certificate of occupancy showing that the credit access

business is in compliance with the Code of Ordinances of the City of Bedford.

(6) A non-refundable application fee as set out in the fee ordinance.

(b) An applicant or registrant shall notify the director within 45 calendar days after any material

change in the information contained in the application for a certificate of registration, including,

but not limited to, any change of address, including email and website addresses and telephone

number(s) and any change in the status of the state license held by the applicant or registrant.

Sec. 26-127. – Issuance and display of certificate of registration; presentment upon request.

(a) The director shall not issue to the applicant a certificate of registration until a completed

application under Section 26-126 is received and approved.

(b) A certificate of registration issued under this section must be conspicuously displayed to the

public in the credit access business. The certificate of registration must be presented upon

request to the director or any peace officer for examination.

(c) Denial of application or revocation of registration.

(1) An application may be denied for failure to comply with the requirements of this article, city

ordinances or state or federal law.

(2) A registration may be revoked for failure to comply with the requirements of this article, city

ordinances or state or federal law.

(3) Appeal. The denial of an application or the revocation of registration may be appealed to the

City Manager.

Sec. 26-128. – Expiration and renewal of certificate of registration.

(a) A certificate of registration expires on the earliest of:

(1) One year after the date of issuance; or

(2) The date of revocation, suspension, surrender, expiration without renewal, or other termination

of the registrant’s state license.

(b) A certificate of registration may be renewed by making application in accordance with Section 26-

  1. A registrant shall apply for renewal at least thirty (30) days before the expiration of the

registration.

Sec. 26-129. – Non-transferability.

A certificate of registration for a credit access business is not transferable.

Sec. 26-130. – Maintenance of records.

(a) A credit access business shall maintain a complete set of records of all extensions of consumer

credit arranged or obtained by the credit access business, which must include the following

information:

ORDINANCE NO. 16-3183

(1) The name and address of the consumer.

(2) The principal amount of cash actually advanced.

(3) The length of the extension of consumer credit, including the number of installments and

renewals.

(4) The fees charged by the credit access business to arrange or obtain an extension of consumer

credit.

(5) The documentation used to establish a consumer’s income under Section 26-131.

(6) If applicable, the documentation described in Section 26-132 for persons unable to read an

agreement or extension.

(b) A credit access business shall maintain a copy of each written agreement between the credit access

business and a consumer evidencing an extension of a consumer credit (including, but not limited

to, any refinancing or renewal granted to the consumer).

(c) A credit access business shall maintain copies of all quarterly reports filed with the Texas Consumer

Credit Commissioner under Section 393.627 of the Texas Finance Code.

(d) The records required to be maintained by a credit access business under this section must be

retained for at least three years.

(e) The records required to be maintained by a credit access business under this section must be made

immediately available for inspection by the director or a peace officer upon request during the usual

and customary business hours of the credit access business.

Sec. 26-131. – Restriction on extension of consumer credit.

(a) The cash advanced under an extension of consumer credit that a credit access business obtains for

a consumer or assists a consumer in obtaining in the form of a deferred presentment transaction may

not exceed twenty percent (20%) of the consumer’s gross monthly income.

(b) The cash advanced under an extension of consumer credit that a credit access business obtains for

a consumer or assists a consumer in obtaining in the form of a motor vehicle title loan may not

exceed the lesser of:

(1) Three percent (3%) of the consumer’s gross annual income; or

(2) Seventy percent (70%) of the current retail value of the motor vehicle.

(c) A credit access business shall use a paycheck or other documentation establishing income to

determine a consumer’s income.

(d) An extension of consumer credit that a credit access business obtains for a consumer or assists a

consumer in obtaining and that provides for repayment in installments may not be payable in more

than four installments. Proceeds from each installment must be used to repay at least twenty-five

percent (25%) of the principal amount of the extension of consumer credit. An extension of consumer

credit that provides for repayment in installments many not be refinanced or renewed.

(e) An extension of consumer credit that a credit access business obtains for a consumer or assists a

consumer in obtaining and that provides for a single lump sum repayment may not be refinanced or

renewed more than three (3) times. Proceeds from each refinancing or renewal must be used to repay

at least twenty-five percent (25%) of the principal amount of the original extension of consumer credit.

ORDINANCE NO. 16-3183

(f) For purposes of this section, an extension of consumer credit that is made to a consumer within seven

(7) days after a previous extension of consumer credit has been paid by the consumer will constitute

a refinancing or renewal.

Sec. 26-132. – Requirement of consumer understanding of agreement.

(a) Every agreement between the credit access business and a consumer evidencing an extension of

consumer credit (including, but not limited to, any refinancing or renewal granted to the consumer),

must be written in the consumer’s language of preference. Every credit access business location

must maintain on its premises, to be available for use by consumers, agreements in the English and

Spanish languages.

(b) For every consumer who cannot read, every agreement between the credit access business and a

consumer evidencing an extension of consumer credit (including, but not limited to, any refinancing

or renewal granted to the consumer) must be read to the consumer in its entirety in the consumer’s

language of preference, prior to the consumer’s signature.

(c) For every consumer who cannot read, every disclosure and notice required by law must be read to

the consumers in its entirety in the consumer’s language of preference, prior to the consumer’s

signature.

Sec. 26-133. – Referral to consumer credit counseling.

A credit access business shall provide a form, to be prescribed by the director, to each consumer

seeking assistance in obtaining an extension of consumer credit which references non-profit agencies

that provide financial education and training programs and agencies with cash assistance programs.

The form will also contain information regarding extensions of consumer credit, and must include the

information required by 26-130(a)(1)-(5), and subsection(6) where applicable, of this ordinance specific

to the loan agreement with the consumer. If the director has prescribed a form in the consumer’s

language of preference, the form must be provided in the consumer’s language of preference.

SECTION 3. That should any article, section, part, paragraph, sentence, phrase, clause, or word of this

ordinance, for any reason be held illegal, inoperative, or invalid, or if any exception to or

limitation upon any general provision herein contained be held to be unconstitutional or

invalid or ineffective, the remainder shall, nevertheless, stand effective and valid as if it had

been enacted and ordained without the portion held to be illegal, inoperative,

unconstitutional, invalid, or ineffective.

SECTION 4. That any person violating any of the provisions of this ordinance shall be deemed guilty

of a misdemeanor and upon conviction thereof shall be fined in a sum not to exceed

Five Hundred Dollars ($500.00) and a separate offense shall be deemed committed upon

each day during or on which a violation occurs or continues.

SECTION 5. That this ordinance shall become effective and shall be in full force and effect from and

after the final date of passage and adoption by the City Council of the City of Bedford,

Texas and following publication as provided by law.

PRESENTED AND PASSED this 27th day of September 2016, by a vote of 7 ayes, 0 nays and 0

abstentions, at a regular meeting of the City Council of the City of Bedford, Texas.

__________________________________

Jim Griffin, Mayor

ORDINANCE NO. 16-3183

ATTEST:

________________________________________

Michael Wells, City Secretary

APPROVED AS TO FORM:

Stan Lowry. City Attorney

CFPB Takes Broadside- Leadership Structure Ruled Unconstitutional!

October 11th, 2016

CFPB Leadership Structure Ruled Unconstitutional by D.C Circuit Court -)

This just in from Ben Lane:

“In a unanimous decision of the three justices of the United States Court of Appeals for the District of Columbia Circuit, the court ruled that the CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government.”

‘Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency,’ the court writes.

And it gets worse for the CFPB.

“From the court’s decision:By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. 

That is not an overstatement. What’s this mean  for the Payday Loan Industry?

What about the Speaker of the House, you might ask? The Speaker can pass legislation only if 218 Members agree. The Senate Majority Leader? The Leader needs 60 Senators to invoke cloture, and needs a majority of Senators (usually 51 Senators or 50 plus the Vice President) to approve a law or nomination. The Chief Justice? The Chief Justice must obtain four other Justices’ votes for his or her position to prevail. The Chair of the Federal Reserve? The Chair needs the approval of a majority of the Federal Reserve Board. The Secretary of Defense? The Secretary is supervised and directed by the President. On any decision, the Secretary must do as the President says. So too with the Secretary of State, and the Secretary of the Treasury, and the Attorney General.

In short, the court writes, the director of the CFPB is the “single most powerful official in the entire U.S. Government, other than the President,” in terms of unilateral power.

Email TrihouseConsulting for a PDF of the Original D.C. Court Decision: Original Article Put “DC Circuit in Subject.”

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Evil Center for Responsible Lending vs Payday Loan Industry

October 4th, 2016

Why do payday loan lenders take a beating by the media and the politicians so often? Because of organized campaigns like this one launched by the CRL. [Remember the Center for Irresponsible Lending? Founded by credit union and bank executives – think Wells Fargo – whose mission is to crush the payday loan industry so they can maintain their 2000% APR NSF fees?]

The CFPB has received over 170,000 positive payday loan testimonials from real borrowers. That’s great! We’ve done a good job with this. But our “system” for asking our happy customers to enter  these positive stories on the CFPB website is CLUNKY, SLOW and CUMBERSOME.

Now, take a look at the CRL campaign to bury us:

stop-payday-loan-sharks

The CRL makes it so easy. They send every Tom, Dick and Harry to this website. The negative payday loan commentary is already present in the comment box. All their sycophants have to do is enter a fake name, email address and zip code, hit “Submit” and the dirty deed is done! We eat it!

SMOOTH! SMART!! And EVIL!!!

Here’s their website: CRL EVIL WEBSITE

And, in case you didn’t submit a POSITIVE payday loan testimonial – which you should – here’s their EVIL “Thank You Page.”

Here’s what you need to do:

  • Go to the CRL website
  • Enter phony information like the CRL idiots do
  • “Submit” your bogus info and share the Thank You page with friends, family and customers; like they do.
  • Oh, and even better, write a simple positive payday loan “Template” testimonial for those with whom you share.

PDL-Biz: 2:00 Minute Video Can Save You $2.8M Dollars.

September 25th, 2016

Need money? GROWING your operation? Or, starting a new one? You need capital!

I have it!

Let me tell you my story.  And it’s not a story of triumph.  There is no happy ending here.

I was a computer guy and my computer business became a grind.  Razor thin margins kept getting thinner… and so much work.  I was tired of it.  And it wasn’t making great money.

The guy next door to my office was running a payday loan office.   I was amazed.  He was never there and he had only one really dumb – but very attractive – employee.  As I sat in my lonely and boring computer store, I’d see these people line up next door and borrow money.  The employee would come in very late.  Be gone for 2-3 hours for lunch.  And would leave early.

Yet, these customers kept coming back.  Sometimes 3-4 times per day.  There was obviously real demand here.  The owner decided he didn’t feel like running this business anymore, and the landlord for the building asked me if I would like to take over the location.

I jumped at the chance.  It couldn’t possibly be worse than trying to set up AOL for people that were 200 years old.

I got my Florida State deferred presentment license and opened up my first check cashing/payday loan store in 1998.   It was a beautiful time.  There was no CFPB, and State regulations were minimal.

I was earning amazing returns.   Very few collections issues.  Very little fraud.  It was the “golden age” of lending!

But my success was causing me problems.  I wasn’t that well capitalized.  I was quickly running out of money to lend.  People would ask to take out a loan. I would tell them to come back on Friday, after I had received some payments.  And sometimes, I didn’t have the money for them on Friday, so they’d come back on Saturday.

I was stuck.  I was turning away too many people. There weren’t many banking options available.  So I found a partner.  I offered up 50% of my 4 month old company for $150,000.00.  He agreed to lend the business the money and I thought that I had hit the jackpot.

Over the next 10 years, the one store grew to 5.  And our revenues were pretty great.  Then the partnership went bad.  We wanted to go in different directions. I called it the Internet -)

Eventually I sold my 50% of the loan business just to escape from the conflict and negativity.

Looking back, I realize that the investors’ original $150k had been so VERY expensive.   As the business grew, so did his salary, his expense account and his dividends.  I’m not disrespecting his investment.  Or the risk that he took.

When you’re starting out, you try and focus on not failing.  But you have to also consider what happens if you’re successful?  I hadn’t really put any limitations or contingencies for the growth of one store into a small chain.  Our small stores had low overhead and were very profitable.

From this business, the funding partner collected approximately $2.8 million dollars.  That was pretty awesome.

For him.

But not for me.

If I had other funding options at the time, it would have been amazing.

If I had the ability to arrange a combination of bank financing to grow my business, the difference in my results after 10 years of work?

Awesome!

Epic!!

It would have been life changing!!! I would have earned more than DOUBLE the income.  No partnership conflict and in total control of my company and my future.

So now, years later, I discover this unique and effective funding platform, I get really excited.  I have to share this with every guy that’s starting out.  Or growing.  If you have a half-way decent credit rating, this program can get you the funding you need.  

Holy CRAP!

Without giving up your precious equity.  And creating a platform for further growth, as you need it.

Remember?  Life changing.  Access to the capital you need without losing control?

So, I’m begging you.  IF you’re looking for some capital to grow your business, PLEASE fill out this short form and get in touch with me. [Click: Easy Form.]

My capital raising programs are so much better than seeking out private money at 20-30%, or giving up equity.

Here’s a 2 minute video to explain what I do.  Two minutes!  I WANT to save you $2.8 million dollars.

Can you afford NOT to invest 2 minutes to get serious money for your business?

With Jer at Trihouse, I’ve already successfully helped payday, title loan and MSB’s get money that makes sense! [And a few other industries as well.]

DO THIS! It costs you nothing and there is no obligation. Give your business a chance!

Click here: “Yes I’m interested!” Watch the 2 minute movie explaining everything.

After investing 2 minutes of your time, simply click the APPLY button at he bottom of the 2 minute movie page and I’ll get your money for you.

AGAIN, there is no cost or obligation to see where you are and what I can do for you.

Be awesome out there.  And don’t let anybody, or anything hold you back!

Sincerely,
Miro P. with Jer at Trihouse

Finally, to receive future updates from us, simply plug in your First Name and your email address. Then click on the “Subscribe Link” that you’ll shortly receive in your Inbox. No Spam and no Garbage. Spam is for jerks anw we are not jerks! Now go make some $$.