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100-666: Western Circle (trading as Cashfloat) is a British payday loan company offering "short-term, high-cost credit" . The interest charged by the lender is 277.40% pa. The interest is non-compound, as dictated by the FCA. The company declare an APR of 1116% but also claim that the APR measurement is irrelevant for non-compound loans. Currently, the firm operates in the UK market only. The company claims to be technology oriented, and develops its own decision making algorithms. Consumer credit suppliers were regulated in
200-432: A post-dated check to the lender; if the borrowers do not have enough money in their account by the check's date, their check will bounce. In Texas, payday lenders are prohibited from suing a borrower for theft if the check is post-dated. One payday lender named The Money Center in the state instead gets their customers to write checks dated for the day the loan is given. Customers borrow money because they do not have any, so
300-409: A "fax profile" subset of JBIG (ITU-T T.85). JBIG-compressed pages result in 20% to 50% faster transmission than MMR-compressed pages, and up to 30 times faster transmission if the page includes halftone images. JBIG performs adaptive compression , that is, both the encoder and decoder collect statistical information about the transmitted image from the pixels transmitted so far, in order to predict
400-508: A $ 100 one-week loan, at a 20% APR ( compounded weekly) would generate only 38 cents of interest, which would fail to match loan processing costs. Research shows that, on average, payday loan prices moved upward, and that such moves were "consistent with implicit collusion facilitated by price focal points". According to some consumer advocates and industry experts, such as the Consumer Financial Protection Bureau (CFPB),
500-404: A continuous or analog manner. Since the 1980s, most machines transmit an audio-encoded digital representation of the page, using data compression to transmit areas that are all-white or all-black, more quickly. Initially a niche product, fax machines became ubiquitous in offices in the 1980s and 1990s. They have largely been rendered obsolete by Internet -based technologies such as email and
600-407: A debt payment. Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory." The caveat to this is that with a term of under 30 days there are no payments, and the lender is more than willing to roll the loan over at the end of the period upon payment of another fee. The report goes on to note that payday loans are extremely expensive, and borrowers who take
700-421: A greater number of lines to be coded by MR than in T.4. This is because T.6 makes the assumption that the transmission is over a circuit with a low number of line errors, such as digital ISDN . In this case, the number of lines for which the differences are encoded is not limited. In 1999, ITU-T recommendation T.30 added JBIG (ITU-T T.82) as another lossless bi-level compression algorithm, or more precisely
800-406: A loan falling within the definition of a small amount credit contract (SACC), defined as a contract provided by a non authorised-deposit taking institution for less than $ 2,000 for a term between 16 days and 1 year, are permitted to charge a 20% establishment fee in addition to monthly (or part thereof) fee of 4% (effective 48% p.a.). Payday lenders who provide a loan falling within the definition of
900-534: A medium amount credit contract (MACC), defined as a credit contract provided by a non-deposit taking institution for between $ 2,000–$ 5,000 may charge a $ 400 establishment fee in addition to the statutory interest rate cap of 48%. Payday lenders are still required to comply with Responsible lending obligations applying to all creditors. Unlike other jurisdictions Australian payday lenders providing SACC or MACC products are not required to display their fees as an effective annual interest rate percentage. Bill C28 supersedes
1000-546: A payday lender can use only the same industry standard collection practices used to collect other debts, specifically standards listed under the Fair Debt Collection Practices Act (FDCPA). The FDCPA prohibits debt collectors from using abusive, unfair, and deceptive practices to collect from debtors. Such practices include calling before 8 o'clock in the morning or after 9 o'clock at night, or calling debtors at work. In many cases, borrowers write
1100-432: A payday loan are at a disadvantage in comparison to the lender, a reversal of the normal consumer lending information asymmetry, where the lender must underwrite the loan to assess creditworthiness. A 2012 law journal note summarized the justifications for regulating payday lending. The summary notes that while it is difficult to quantify the impact on specific consumers, there are external parties who are clearly affected by
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#17328990500121200-559: A payday user will rollover their loan rather than repay it, which has been shown both by the FDIC and the Consumer Finance Protection bureau in large sample studies of payday consumers. Petru Stelian Stoianovici, a researcher from Charles River Associates , and Michael T. Maloney, an economics professor from Clemson University , found "no empirical evidence that payday lending leads to more bankruptcy filings, which casts doubt on
1300-636: A pioneer in mechanical image scanning and transmission. The 1888 invention of the telautograph by Elisha Gray marked a further development in fax technology, allowing users to send signatures over long distances, thus allowing the verification of identification or ownership over long distances. On May 19, 1924, scientists of the AT&;T Corporation "by a new process of transmitting pictures by electricity" sent 15 photographs by telephone from Cleveland to New York City, such photos being suitable for newspaper reproduction. Previously, photographs had been sent over
1400-471: A precaution, thermal fax paper is typically not accepted in archives or as documentary evidence in some courts of law unless photocopied. This is because the image-forming coating is eradicable and brittle, and it tends to detach from the medium after a long time in storage. A CNG tone is an 1100 Hz tone transmitted by a fax machine when it calls another fax machine. Fax tones can cause complications when implementing fax over IP . One popular alternative
1500-530: A result, most payday lenders charge the maximum amount allowed by law, which can be as high as 400% annual percentage rate (APR). In a profitability analysis by Fordham Journal of Corporate & Financial Law , it was determined that the average profit margin from seven publicly traded payday lending companies (including pawn shops) in the U.S. was 7.63%, and for pure payday lenders it was 3.57%. These averages are less than those of other traditional lending institutions such as credit unions and banks. Comparatively
1600-591: A single character. (JBIG implements a similar technique called "typical prediction", if header flag TPBON is set to 1.) Group 3 fax machines transfer one or a few printed or handwritten pages per minute in black-and-white (bitonal) at a resolution of 204×98 (normal) or 204×196 (fine) dots per square inch. The transfer rate is 14.4 kbit/s or higher for modems and some fax machines, but fax machines support speeds beginning with 2400 bit/s and typically operate at 9600 bit/s. The transferred image formats are called ITU-T (formerly CCITT) fax group 3 or 4. Group 3 faxes have
1700-536: A telefax machine. The Pantelegraph was invented by the Italian physicist Giovanni Caselli . He introduced the first commercial telefax service between Paris and Lyon in 1865, some 11 years before the invention of the telephone . In 1880, English inventor Shelford Bidwell constructed the scanning phototelegraph that was the first telefax machine to scan any two-dimensional original, not requiring manual plotting or drawing. An account of Henry Sutton's "telephane"
1800-435: Is a short-term unsecured loan , often characterized by high interest rates. These loans are typically designed to cover immediate financial needs and are intended to be repaid on the borrower's next payday. The term "payday" in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. However, in common parlance,
1900-412: Is designed to work with VoIP services and often supported by analog telephone adapters used by legacy fax machines that need to connect through a VoIP service. Scanned documents are limited to the amount of time the user takes to load the document in a scanner and for the device to process a digital file. The resolution can vary from as little as 150 DPI to 9600 DPI or more. This type of faxing
2000-694: Is estimated that the market was worth £2.2 billion and that the average loan size was around £270. Two-thirds of borrowers have annual incomes below £25,000. There are no restrictions on the interest rates payday loan companies can charge, although they are required by law to state the effective annual percentage rate (APR). In the early 2010s there was much criticism in Parliament of payday lenders . In 2014 several firms were reprimanded and required to pay compensation for illegal practices; Wonga.com for using letters untruthfully purporting to be from solicitors to demand payment—a formal police investigation for fraud
2100-413: Is not related to the e-mail–to–fax service that still uses fax modems at least one way. Computer modems are often designated by a particular fax class, which indicates how much processing is offloaded from the computer's CPU to the fax modem. Several different telephone-line modulation techniques are used by fax machines. They are negotiated during the fax- modem handshake , and the fax devices will use
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#17328990500122200-430: Is preferable to use depends on factors such as hardware, software, modem firmware, and expected use. Fax machines from the 1970s to the 1990s often used direct thermal printers with rolls of thermal paper as their printing technology, but since the mid-1990s there has been a transition towards plain-paper faxes: thermal transfer printers , inkjet printers and laser printers . One of the advantages of inkjet printing
2300-585: Is rarely the case; 69% of payday loans are taken out to cover everyday recurring expenses such as electricity bills, gas, or groceries. This perpetuates the cycle of debt as payday lenders are more likely to resort to payday loans again once they are charged with the same recurring expense in the next few months. In May 2008, the debt charity Credit Action made a complaint to the United Kingdom Office of Fair Trading (OFT) that payday lenders were placing advertising which violated advertising regulations on
2400-426: Is scanned with a fax machine (or a telecopier ), which processes the contents (text or images) as a single fixed graphic image, converting it into a bitmap , and then transmitting it through the telephone system in the form of audio-frequency tones. The receiving fax machine interprets the tones and reconstructs the image, printing a paper copy. Early systems used direct conversions of image darkness to audio tone in
2500-457: Is still used by amateur radio operators. In 1964, Xerox Corporation introduced (and patented) what many consider to be the first commercialized version of the modern fax machine, under the name (LDX) or Long Distance Xerography. This model was superseded two years later with a unit that would set the standard for fax machines for years to come. Up until this point facsimile machines were very expensive and hard to operate. In 1966, Xerox released
2600-407: Is that inkjets can affordably print in color ; therefore, many of the inkjet-based fax machines claim to have color fax capability. There is a standard called ITU-T30e (formally ITU-T Recommendation T.30 Annex E ) for faxing in color; however, it is not widely supported, so many of the color fax machines can only fax in color to machines from the same manufacturer. Stroke speed in facsimile systems
2700-401: Is the rate at which a fixed line perpendicular to the direction of scanning is crossed in one direction by a scanning or recording spot . Stroke speed is usually expressed as a number of strokes per minute. When the fax system scans in both directions, the stroke speed is twice this number. In most conventional 20th century mechanical systems, the stroke speed is equivalent to drum speed. As
2800-468: Is to prevent errors propagating throughout the whole fax, as the standard does not provide for error correction. This is an optional facility, and some fax machines do not use MR in order to minimise the amount of computation required by the machine. The limited number of lines is 2 for "Standard"-resolution faxes, and 4 for "Fine"-resolution faxes. The ITU-T T.6 recommendation adds a further compression type of Modified Modified READ (MMR), which simply allows
2900-402: Is to subscribe to an Internet fax service, allowing users to send and receive faxes from their personal computers using an existing email account . No software, fax server or fax machine is needed. Faxes are received as attached TIFF or PDF files, or in proprietary formats that require the use of the service provider's software. Faxes can be sent or retrieved from anywhere at any time that
3000-616: The Criminal Code of Canada for the purpose of exempting Payday loan companies from the law, if the provinces passed legislation to govern payday loans. Payday loans in Canada are governed by the individual provinces. All provinces, except Newfoundland and Labrador, have passed legislation. For example, in Ontario loans have a maximum rate of 14.299% Effective Annual Rate (EAR) ($ 21 per $ 100, over two weeks). As of 2017, major payday lenders have reduced
3100-523: The Federal Reserve Bank of New York concluded that payday loans should not be categorized as "predatory" since they may improve household welfare. "Defining and Detecting Predatory Lending" reports "if payday lenders raise household welfare by relaxing credit constraints, anti-predatory legislation may lower it." The author of the report, Donald P. Morgan, defined predatory lending as "a welfare reducing provision of credit". However, he also noted that
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3200-687: The Financial Conduct Authority (FCA) of the United Kingdom has announced that there has been an increase of unauthorized firms, also known as 'clone firms', using the name of other genuine companies to offer payday loan services. Therefore, acting as a clone of the original company, such as the case of Payday Loans Now. The FCA strongly advised to verify financial firms by using the Financial Services Register, prior to participating in any sort of monetary engagement. In US law,
3300-494: The World Wide Web , but are still used in some medical administration and law enforcement settings. Scottish inventor Alexander Bain worked on chemical-mechanical fax-type devices and in 1846 Bain was able to reproduce graphic signs in laboratory experiments. He received British patent 9745 on May 27, 1843, for his "Electric Printing Telegraph". Frederick Bakewell made several improvements on Bain's design and demonstrated
3400-465: The annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, while others have very few restrictions on payday lenders. Payday loans have been linked to higher default rates. According to a 2007 study by economist Michael A. Stegman, payday loan firms were extremely rare prior to the 1990s, but have grown substantially since then. A 2019 study found that payday loans in
3500-652: The debt trap argument against payday lending." The report was reinforced by a Federal Reserve Board (FRB) 2014 study which found that while bankruptcies did double among users of payday loans, the increase was too small to be considered significant. The same FRB researchers found that payday usage had no positive or negative impact on household welfare as measured by credit score changes over time. A 2009 study by University of Chicago Booth School of Business Professor Adair Morse found that in natural disaster areas where payday loans were readily available consumers fared better than those in disaster zones where payday lending
3600-500: The social network website Facebook . The main complaint was that the APR was either not displayed at all or not displayed prominently enough, which is clearly required by UK advertising standards. In 2016, Google announced that it would ban all ads for payday loans from its systems, defined as loans requiring repayment within 60 days or (in the US) having an APR of 36% or more. In August 2015,
3700-500: The suffix .g3 and the MIME type image/g3fax . The most basic fax mode transfers in black and white only. The original page is scanned in a resolution of 1728 pixels /line and 1145 lines/page (for A4 ). The resulting raw data is compressed using a modified Huffman code optimized for written text, achieving average compression factors of around 20. Typically a page needs 10 s for transmission, instead of about three minutes for
3800-815: The Australian states and territories referred powers of consumer credit to the Commonwealth. In 2009 the National Consumer Credit Protection Act 2009 (Cth) was introduced, which initially treated payday lenders no differently from all other lenders. In 2013 Parliament tightened regulation on the payday lending further introducing the Consumer Credit and Corporations Legislation Amendment (Enhancements) Act 2012 (Cth) which imposed an effective APR cap of 48% for all consumer credit contracts (inclusive of all fees and charges). Payday lenders who provided
3900-415: The FCA's chief executive officer, said: In order to achieve these goals the FCA has proposed the following: Fax Fax (short for facsimile ), sometimes called telecopying or telefax (short for telefacsimile ), is the telephonic transmission of scanned printed material (both text and images), normally to a telephone number connected to a printer or other output device. The original document
4000-709: The Federal Reserve System and Financial Services Research Program at the George Washington University School of Business , 41% earn between $ 25,000 and $ 50,000, and 39% report incomes of $ 40,000 or more. 18% have an income below $ 25,000. In the UK Sarah-Jayne Clifton of the Jubilee Debt Campaign said, " austerity , low wages, and insecure work are driving people to take on high cost debt from rip-off lenders just to put food on
4100-512: The Magnafax Telecopiers, a smaller, 46 lb (21 kg) facsimile machine. This unit was far easier to operate and could be connected to any standard telephone line. This machine was capable of transmitting a letter-sized document in about six minutes. The first sub-minute, digital fax machine was developed by Dacom , which built on digital data compression technology originally developed at Lockheed for satellite communication. By
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4200-596: The NHS, was engaged in a process of removing its fax machines in early 2019. This involved quite a lot of e-fax solutions because of the need to communicate with pharmacies and nursing homes which may not have access to the NHS email system and may need something in their paper records. In 2018 two-thirds of Canadian doctors reported that they primarily used fax machines to communicate with other doctors. Faxes are still seen as safer and more secure and electronic systems are often unable to communicate with each other. Hospitals are
4300-540: The Office of Fair Trading (OFT), and The Pew Charitable Trusts, payday loans are an example of a classic market failure . In a perfect market, sellers and buyers would compete rationally and prices would vary based on the market capacity. However, payday lenders have no incentive to lower their prices, since they cannot patent their loans. If one lender reduces its fees or interest rates to attract more customers, other lenders will quickly follow suit, canceling out any advantage. As
4400-403: The T.85 "fax profile": A proprietary compression scheme employed on Panasonic fax machines is Matsushita Whiteline Skip (MWS). It can be overlaid on the other compression schemes, but is operative only when two Panasonic machines are communicating with one another. This system detects the blank scanned areas between lines of text, and then compresses several blank scan lines into the data space of
4500-485: The UK by the Office of Fair Trading (OFT) until April 2014, but are now regulated by the new Financial Conduct Authority (FCA). The firm's activity under the OFT was too small to cause any headlines, and hence didn't get direct criticism like much more active companies, such as Wonga . The current activity of the company is allied to the strict regulations of the FCA. The new regulations force much fairer practices in comparison to
4600-455: The United States "increase personal bankruptcy rates by a factor of two ... by worsening the cash flow position of the household." A second 2019 study looking at the UK found that payday loans "cause persistent increases in defaults and cause consumers to exceed their bank overdraft limits." The basic loan process involves a lender providing a short-term unsecured loan to be repaid at
4700-432: The advantage of reducing costs by eliminating unnecessary printouts and reducing the number of inbound analog phone lines needed by an office. The once ubiquitous fax machine has also begun to disappear from the small office and home office environments. Remotely hosted fax-server services are widely available from VoIP and e-mail providers allowing users to send and receive faxes using their existing e-mail accounts without
4800-440: The borrower's next paycheck. The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date , the borrower is expected to return to the store to repay the loan in person. If the borrower does not repay the loan in person, the lender may redeem the check. If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to
4900-437: The borrower's next payday. Typically, some verification of employment or income is involved (via pay stubs and bank statements), although according to one source, some payday lenders do not verify income or run credit checks. Individual companies and franchises have their own underwriting criteria. In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment due in full at
5000-558: The children and family who are left with fewer resources than before the loan. The external costs alone, forced on people given no choice in the matter, may be enough justification for stronger regulation even assuming that the borrower him or herself understood the full implications of the decision to seek a payday loan. Payday lenders have also been criticized for perpetuating a cycle of debt in their users as they leave people with less money overall. While most payday loans advertise themselves as "the solution to life's little surprises", this
5100-512: The concept also applies regardless of whether repayment of loans is linked to a borrower's payday. The loans are also sometimes referred to as " cash advances ", though that term can also refer to cash provided against a prearranged line of credit such as a credit card . Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces. To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit
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#17328990500125200-537: The cost of the loans is overstated, and that payday lenders offer a product traditional lenders simply refuse to offer. However, the report is based on 40 survey responses collected at a payday storefront location. The report's author, Victor Stango, was on the board of the Consumer Credit Research Foundation (CCRF), an organization funded by payday lenders, until 2015, and he received $ 18,000 in payments from CCRF in 2013. A staff report released by
5300-399: The costs of the loan, and the loan may incur additional fees or an increased interest rate (or both) as a result of the failure to pay. In the more recent innovation of online payday loans, consumers complete the loan application online (or in some instances via fax , especially where documentation is required). The funds are then transferred by direct deposit to the borrower's account, and
5400-439: The course of months, not unexpected emergencies over the course of weeks. The average borrower is indebted about five months of the year. This reinforces the findings of the U.S. Federal Deposit Insurance Corporation (FDIC) study from 2011 which found black and Hispanic families, recent immigrants, and single parents were more likely to use payday loans. In addition, their reasons for using these products were not as suggested by
5500-577: The dashboard of Western Union 's "Telecar" telegram delivery vehicles. In the 1960s, the United States Army transmitted the first photograph via satellite facsimile to Puerto Rico from the Deal Test Site using the Courier satellite . Radio fax is still in limited use today for transmitting weather charts and information to ships at sea. The closely related technology of slow-scan television
5600-406: The decision of a borrower to get a payday loan. Most directly impacted are the holders of other low interest debt from the same borrower, which now is less likely to be paid off since the limited income is first used to pay the fee associated with the payday loan. The external costs of this product can be expanded to include the businesses that are not patronized by the cash-strapped payday customer to
5700-581: The digital revolution has largely bypassed it. In June 2018 the Labour Party said that the NHS had at least 11,620 fax machines in operation and in December the Department of Health and Social Care said that no more fax machines could be bought from 2019 and that the existing ones must be replaced by secure email by March 31, 2020. Leeds Teaching Hospitals NHS Trust , generally viewed as digitally advanced in
5800-503: The editor from an industry expert argued that other studies have found that consumers fare better when payday loans are available to them. Pew's reports have focused on how payday lending can be improved, but have not assessed whether consumers fare better with or without access to high-interest loans. Pew's demographic analysis was based on a random digit dialing survey of 33,576 people, including 1,855 payday loan borrowers. In another study, by Gregory Elliehausen, Division of Research of
5900-521: The effect of depleting the assets of low-income communities. The Insight Center, a consumer advocacy group, reported in 2013 that payday lending cost U.S communities $ 774 million a year. A report from the Federal Reserve Bank of New York concluded that, "We ... test whether payday lending fits our definition of predatory. We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss
6000-464: The end of each fiscal month during the prior twelve consecutive months". They go on to note that for 2011 their average monthly receivables were $ 287.1 million and their average charge-off was $ 9.3 million, or 3.2%. In comparison with traditional lenders, payday firms also save on costs by not engaging in traditional forms of underwriting, relying on their easy rollover terms and the small size of each individual loan as method of diversification eliminating
6100-419: The families who will use a payday loan are disproportionately either of black or Hispanic descent, recent immigrants, and/or undereducated. These individuals are least able to secure normal, lower interest rate forms of credit. Since payday lending operations charge higher interest rates than traditional banks (with notable exceptions, e.g., Barclays and Nationwide charge 35% and 39.99%, respectively), they have
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#17328990500126200-403: The fax machines to transfer the image. The two methods defined in T.4 are: An additional method is specified in T.6: Later, other compression techniques were added as options to ITU-T recommendation T.30, such as the more efficient JBIG (T.82, T.85) for bi-level content, and JPEG (T.81), T.43, MRC (T.44), and T.45 for grayscale, palette, and colour content. Fax machines can negotiate at
6300-476: The first photo picture reproduced by transoceanic radio facsimile. Commercial use of Ranger's product began two years later. Also in 1924, Herbert E. Ives of AT&T transmitted and reconstructed the first color facsimile, a natural-color photograph of silent film star Rudolph Valentino in period costume, using red, green and blue color separations. Beginning in the late 1930s, the Finch Facsimile system
6400-434: The first scanned line using MH. The next line is compared to the first, the differences determined, and then the differences are encoded and transmitted. This is effective, as most lines differ little from their predecessor. This is not continued to the end of the fax transmission, but only for a limited number of lines until the process is reset, and a new "first line" encoded with MH is produced. This limited number of lines
6500-502: The highest data rate that both fax devices support, usually a minimum of 14.4 kbit/s for Group 3 fax. "Super Group 3" faxes use V.34bis modulation that allows a data rate of up to 33.6 kbit/s. As well as specifying the resolution (and allowable physical size) of the image being faxed, the ITU-T ;T.4 recommendation specifies two compression methods for decreasing the amount of data that needs to be transmitted between
6600-468: The history of borrowers turning to illegal or dangerous sources of credit seems to have little basis in fact according to Robert Mayer's 2012 "Loan Sharks, Interest-Rate Caps, and Deregulation". Outside of specific contexts, interest rates caps had the effect of allowing small loans in most areas without an increase of "loan sharking". Next, since 80% of payday borrowers will roll their loan over at least one time because their income prevents them from paying
6700-446: The late 1970s, many companies around the world (especially Japanese firms) had entered the fax market. Very shortly after this, a new wave of more compact, faster and efficient fax machines would hit the market. Xerox continued to refine the fax machine for years after their ground-breaking first machine. In later years it would be combined with copier equipment to create the hybrid machines we have today that copy, scan and fax. Some of
6800-491: The leading users for fax machines in the United States where some doctors prefer fax machines over emails, often due to concerns about accidentally violating HIPAA . There are several indicators of fax capabilities: group, class, data transmission rate, and conformance with ITU-T (formerly CCITT ) recommendations. Since the 1968 Carterfone decision , most fax machines have been designed to connect to standard PSTN lines and telephone numbers. Group 1 and 2 faxes are sent in
6900-455: The lender accepts the check knowing that it would bounce on the check's date. If the borrower fails to pay on the due date, the lender sues the borrower for writing a hot check . Payday lenders will attempt to collect on the consumer's obligation first by simply requesting payment. If internal collection fails, some payday lenders may outsource the debt collection, or sell the debt to a third party. A small percentage of payday lenders have, in
7000-515: The lesser known capabilities of the Xerox fax technologies included their Ethernet enabled Fax Services on their 8000 workstations in the early 1980s. Prior to the introduction of the ubiquitous fax machine, one of the first being the Exxon Qwip in the mid-1970s, facsimile machines worked by optical scanning of a document or drawing spinning on a drum. The reflected light, varying in intensity according to
7100-417: The light and dark areas of the document, was focused on a photocell so that the current in a circuit varied with the amount of light. This current was used to control a tone generator (a modulator ), the current determining the frequency of the tone produced. This audio tone was then transmitted using an acoustic coupler (a speaker, in this case) attached to the microphone of a common telephone handset . At
7200-659: The loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday. According to a study by The Pew Charitable Trusts , "Most payday loan borrowers [in the United States] are white, female, and are 25 to 44 years old. However, after controlling for other factors, there are five groups that have higher odds of having used a payday loan: those without a four-year college degree; home renters; African Americans; those earning below $ 40,000 annually; and those who are separated or divorced." Most borrowers use payday loans to cover ordinary living expenses over
7300-490: The loans are very expensive, and that they are likely to be made to under-educated households or households of uncertain income. Brian Melzer of the Kellogg School of Management at Northwestern University found that payday loan users did suffer a reduction in their household financial situation, as the high costs of repeated rollover loans impacted their ability to pay recurring bills such as utilities and rent. This assumes
7400-452: The more probable pixel is then encountered. The ITU-T T.85 "fax profile" constrains some optional features of the full JBIG standard, such that codecs do not have to keep data about more than the last three pixel rows of an image in memory at any time. This allows the streaming of "endless" images, where the height of the image may not be known until the last row is transmitted. ITU-T T.30 allows fax machines to negotiate one of two options of
7500-448: The need for any hardware or dedicated fax lines. Personal computers have also long been able to handle incoming and outgoing faxes using analog modems or ISDN , eliminating the need for a stand-alone fax machine. These solutions are often ideally suited for users who only very occasionally need to use fax services. In July 2017 the United Kingdom's National Health Service was said to be the world's largest purchaser of fax machines because
7600-617: The need for verifying each borrower's ability to repay. It is perhaps due to this that payday lenders rarely exhibit any real effort to verify that the borrower will be able to pay the principal on their payday in addition to their other debt obligations. Proponents of minimal regulations for payday loan businesses argue that some individuals that require the use of payday loans have already exhausted other alternatives. Such consumers could potentially be forced to illegal sources if not for payday loans. Tom Lehman, an advocate of payday lending, said: These arguments are countered in two ways. First,
7700-435: The nurses in UK to the attention of media outlets. The claims were that nurses' salaries were frozen for more than 6 years, in some cases, and caused them much financial distress. The matter of the NHS continues to be an important issue of public discussion in the UK. Payday loan A payday loan (also called a payday advance , salary loan , payroll loan , small dollar loan , short term , or cash advance loan )
7800-473: The original principal. The propensity for very low default rates seems to be an incentive for investors interested in payday lenders. In the Advance America 10-k SEC filing from December 2011 they note that their agreement with investors, "limits the average of actual charge-offs incurred during each fiscal month to a maximum of 4.50% of the average amount of adjusted transaction receivables outstanding at
7900-484: The past, threatened delinquent borrowers with criminal prosecution for check fraud. This practice is illegal in many jurisdictions and has been denounced by the Community Financial Services Association of America , the industry's trade association. The payday lending industry argues that conventional interest rates for lower dollar amounts and shorter terms would not be profitable. For example,
8000-679: The payday industry for one time expenses, but to meet normal recurring obligations. Research for the Illinois Department of Financial and Professional Regulation found that a majority of Illinois payday loan borrowers earn $ 30,000 or less per year. Texas' Office of the Consumer Credit Commissioner collected data on 2012 payday loan usage, and found that refinances accounted for $ 2.01 billion in loan volume, compared with $ 1.08 billion in initial loan volume. The report did not include information about annual indebtedness. A letter to
8100-417: The period of 2014, and hence no significant complaints arrived to the media. In October 2016, Western circle published a research based on survey done of 160,000 of clients, claiming that the sector of NHS Nurses is heavily dependent on Payday Loans. According to the research, the number of nurses using payday loans has doubled in 3 years, since 2013. This research brought the matter of the small wages given to
8200-539: The principal within the repayment period, they often report turning to friends or family members to help repay the loan according to a 2012 report from the Center for Financial Services Innovation. In addition, there appears to be no evidence of unmet demand for small dollar credit in states which prohibit or strictly limit payday lending. A 2012 report produced by the American libertarian think tank Cato Institute found that
8300-419: The probability for each next pixel being either black or white. For each new pixel, JBIG looks at ten nearby, previously transmitted pixels. It counts, how often in the past the next pixel has been black or white in the same neighborhood, and estimates from that the probability distribution of the next pixel. This is fed into an arithmetic coder , which adds only a small fraction of a bit to the output sequence if
8400-654: The profit margin of Starbucks for the measured time period was just over 9%, and comparison lenders had an average profit margin of 13.04%. These comparison lenders were mainstream companies: Capital One , GE Capital , HSBC , Moneytree , and American Express Credit . A study by the FDIC Center for Financial Research found that "operating costs are not that out of line with the size of advance fees" collected and that, after subtracting fixed operating costs and "unusually high rate of default losses", payday loans "may not necessarily yield extraordinary profits." However, despite
8500-605: The radio using this process. The Western Union "Deskfax" fax machine, announced in 1948, was a compact machine that fit comfortably on a desktop, using special spark printer paper. As a designer for the Radio Corporation of America (RCA), in 1924, Richard H. Ranger invented the wireless photoradiogram, or transoceanic radio facsimile , the forerunner of today's "fax" machines. A photograph of President Calvin Coolidge sent from New York to London on November 29, 1924, became
8600-521: The rate to $ 18 per $ 100, over two weeks. The Financial Conduct Authority (FCA) estimates that there are more than 50,000 credit firms that come under its widened remit, of which 200 are payday lenders. Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006 – in 2009 1.2 million people took out 4.1 million loans, with total lending amounting to £1.2 billion. In 2012, it
8700-566: The receiving end, a handset's speaker was attached to an acoustic coupler (a microphone), and a demodulator converted the varying tone into a variable current that controlled the mechanical movement of a pen or pencil to reproduce the image on a blank sheet of paper on an identical drum rotating at the same rate. In 1985, Hank Magnuski , founder of GammaLink , produced the first computer fax board, called GammaFax . Such boards could provide voice telephony via Analog Expansion Bus . Although businesses usually maintain some kind of fax capability,
8800-473: The same manner as a frame of analog television , with each scanned line transmitted as a continuous analog signal. Horizontal resolution depended upon the quality of the scanner, transmission line, and the printer. Analog fax machines are obsolete and no longer manufactured. ITU-T Recommendations T.2 and T.3 were withdrawn as obsolete in July 1996. A major breakthrough in the development of the modern facsimile system
8900-557: The same uncompressed raw data of 1728×1145 bits at a speed of 9600 bit/s. The compression method uses a Huffman codebook for run lengths of black and white runs in a single scanned line, and it can also use the fact that two adjacent scanlines are usually quite similar, saving bandwidth by encoding only the differences. Fax classes denote the way fax programs interact with fax hardware. Available classes include Class 1, Class 2, Class 2.0 and 2.1, and Intel CAS. Many modems support at least class 1 and often either Class 2 or Class 2.0. Which
9000-803: The slightly re-sized content of the sent fax in the electronic confirmation-slip, in A4 paper size. Use of fax machines for reporting cases during the COVID-19 pandemic has been criticised in Japan for introducing data errors and delays in reporting, slowing response efforts to contain the spread of infections and hindering the transition to remote work . In many corporate environments, freestanding fax machines have been replaced by fax servers and other computerized systems capable of receiving and storing incoming faxes electronically, and then routing them to users on paper or via an email (which may be secured). Such systems have
9100-522: The start of the T.30 session to use the best technique implemented on both sides. Modified Huffman (MH), specified in T.4 as the one-dimensional coding scheme, is a codebook-based run-length encoding scheme optimised to efficiently compress whitespace. As most faxes consist mostly of white space, this minimises the transmission time of most faxes. Each line scanned is compressed independently of its predecessor and successor. Modified READ, specified as an optional two-dimensional coding scheme in T.4, encodes
9200-423: The table. We need the government to take urgent action, not only to rein in rip-off lenders, but also to tackle the cost of living crisis and cuts to social protection that are driving people towards the loan sharks in the first place." The likelihood that a family will use a payday loan increases if they are unbanked or underbanked , or lack access to a traditional deposit bank account. In an American context
9300-575: The technology has faced increasing competition from Internet -based alternatives. In some countries, because electronic signatures on contracts are not yet recognized by law , while faxed contracts with copies of signatures are, fax machines enjoy continuing support in business. In Japan , faxes are still used extensively as of September 2020 for cultural and graphemic reasons. They are available for sending to both domestic and international recipients from over 81% of all convenience stores nationwide. Convenience-store fax machines commonly print
9400-498: The tendency to characterize payday loan default rates as high, several researchers have noted that this is an artifact of the normal short term of the payday product, and that during the term of loans with longer periods there are frequently points where the borrower is in default and then becomes current again. Actual charge offs are no more frequent than with traditional forms of credit, as the majority of payday loans are rolled over into new loans repeatedly without any payment applied to
9500-457: Was being considered in 2014 —and Cash Genie, owned by multinational EZCorp , for a string of problems with the way it had imposed charges and collected money from borrowers who were in arrears. On 1 April 2014 there was a major overhaul in the way payday loans are issued and repaid. First of all the FCA made sure all lenders can abide by two main goals: On top of the main goals Martin Wheatley,
9600-483: Was not present. Not only were fewer foreclosures recorded, but such categories as birth rate were not affected adversely by comparison. Moreover, Morse's study found that fewer people in areas served by payday lenders were treated for drug and alcohol addiction. Prior to 2009 regulation of consumer credit was primarily conducted by the states and territories. Some states such as New South Wales and Queensland legislated effective annual interest rate caps of 48%. In 2008
9700-625: Was published in 1896. Around 1900, German physicist Arthur Korn invented the Bildtelegraph , widespread in continental Europe especially following a widely noticed transmission of a wanted-person photograph from Paris to London in 1908, used until the wider distribution of the radiofax. Its main competitors were the Bélinographe by Édouard Belin first, then since the 1930s the Hellschreiber , invented in 1929 by German inventor Rudolf Hell ,
9800-795: Was the result of digital technology, where the analog signal from scanners was digitized and then compressed, resulting in the ability to transmit high rates of data across standard phone lines. The first digital fax machine was the Dacom Rapidfax first sold in late 1960s, which incorporated digital data compression technology developed by Lockheed for transmission of images from satellites. Group 3 and 4 faxes are digital formats and take advantage of digital compression methods to greatly reduce transmission times. Fax Over IP ( FoIP ) can transmit and receive pre-digitized documents at near-realtime speeds using ITU-T recommendation T.38 to send digitised images over an IP network using JPEG compression. T.38
9900-469: Was too small. After more than ten years of repeated attempts by Finch and others to establish such a service as a viable business, the public, apparently quite content with its cheaper and much more substantial home-delivered daily newspapers, and with conventional spoken radio bulletins to provide any "hot" news, still showed only a passing curiosity about the new medium. By the late 1940s, radiofax receivers were sufficiently miniaturized to be fitted beneath
10000-401: Was used to transmit a "radio newspaper" to private homes via commercial AM radio stations and ordinary radio receivers equipped with Finch's printer, which used thermal paper. Sensing a new and potentially golden opportunity, competitors soon entered the field, but the printer and special paper were expensive luxuries, AM radio transmission was very slow and vulnerable to static, and the newspaper
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