Refinancing your payday loan means revising or replacing your existing loan contract. This can mean extending your loan term, setting up a payment plan or getting a completely new loan (usually from the same lender, with one key exception.) Almost 80% of payday loan borrowers can’t afford to repay their loans on time. If this […]
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Payday loan lenders technically don’t charge “interest.” Since the loans are supposed to be repaid from your next paycheck, they wouldn’t make much profit if they relied on the monthly compounding used by most traditional lenders. Instead, payday loan interest rates are presented as fees or finance charges. The fees sound relatively inexpensive, but they
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If you’re wondering whether you can have more than one payday loan at the same time, the answer is yes, depending on your state. Our take Stuck in payday debt? DebtHammer may be able to help. You can have more than one payday loan The laws around multiple payday loans vary from state to state.
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Payday loans are difficult to repay. Most borrowers can’t afford to hand over $500 from their next paycheck and still have enough money left for day-to-day expenses. But if you’re thinking about defaulting and are wondering how long unpaid payday loans stay in the system, the answer depends on which system you mean. Our take
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It’s no secret that payday loans can hurt your financial situation. But how do payday loans affect your credit score? Our take READ MORE: Simple steps to get out of payday loan debt Stuck in payday debt? DebtHammer may be able to help. Payday loans won’t help your credit score – they can only hurt
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Loans typically fall into one of two categories: installment loans or revolving lines of credit. This affects how the loans can be used and repaid. But payday loans are unique and fall into a third category. If you’re thinking about taking out a payday loan, it’s important to understand the type of loan you’re getting.
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Payday loans are a notoriously expensive form of borrowing. However, their interest rates are often unclear. That’s because many payday lenders express their costs as a flat fee instead of an annual percentage rate (APR). This often leaves confused borrowers wondering whether their payday loan interest rate is fixed or variable. Our take Stuck in
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It’s no secret that payday loans are bad. But the only way to break the debt cycle is to pay off your payday loan debt. This is easier said than done. “I was having to get one to pay another,” payday loan user Trudy Robideau told NPR. “It’s a real nightmare.” If you’re tired of
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Payday lenders do not go quietly into that good night. If you don’t pay your loan back on time, you’ll wind up on the business end of a debt collector’s list — and payday lenders always seem to contract with the most obnoxious collectors out there. Here is what you will deal with if you
What Happens If You Can’t Afford to Repay a Payday Loan? Read More »
Steady employment or proof of income is usually a key factor for payday lenders in determining your eligibility for a loan. If you lose your job, you won’t have a regular paycheck. This could make it more difficult to get a payday loan, particularly if you have bad credit. But what if you’re desperate and
Payday Loans When Unemployed: Try These Better Options First Read More »