If you took out a payday loan two weeks ago and can’t afford to pay it back, you’ll need to take action quickly before the lender tries to withdraw your payment from your bank account. If the money isn’t there, it will just cause your financial issues to snowball. The first step is to stop […]
How to Stop Paying Payday Loans — Legally Read More »
The number of payday lenders in the U.S. is about 23,000 — twice that of McDonald’s and Starbucks. Though some states have made payday lending outright illegal, others are plagued by payday lenders that take advantage of desperate individuals when they’re at their lowest point. To learn where your state stands, explore the numbers below.
Which State Has The Most Payday Loan Stores? Read More »
Payday loans can destroy your finances in a matter of weeks. Lenders know that most payday loan borrowers won’t be able to repay their loans in full from their next paycheck. More than 80% of those loans must be rolled over into new loans, with additional fees. Before you know it, you’re stuck in the
Payday Loan Settlement: A Fast Way to Get Debt Relief? Read More »
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
How Long Do Unpaid Payday Loans Stay in the System? Read More »
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
How Do Payday Loans Affect Your Credit Score? Read More »
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.
Are Payday Loans Installment or Revolving Loans? Read More »
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
Are Payday Loans Fixed or Variable? (What You Need to Know) Read More »