The DebtHammer Blog

Learn how to get a grip on your personal finances.

Tribal Payday Loans (What You Need to Know)

By Nick Gallo | Jan 13, 2021 | Comments Off on Tribal Payday Loans (What You Need to Know)

The payday loan industry is notorious for its predatory practices and tendency to disregard the law. Federal and state governments alike have attempted to rein in payday lenders to protect consumers. They’ve had some success, limiting interest rates to reasonable levels in many states, but tribal payday loans take regulatory avoidance to a whole new …

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Credit Counseling: Your Definitive Guide

By Nick Gallo | Jan 13, 2021 | Comments Off on Credit Counseling: Your Definitive Guide

Debt relief services are like weight-loss services. Many of them are worthless, and some are outright scams. But borrowers who need help with their debts can’t afford to waste any of their limited cash flows. Fortunately, credit counseling is one of the few reliable sources of affordable financial help. This guide will discuss how it …

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Are Payday Loans Fixed or Variable?

By Nick Gallo | Jan 8, 2021 | Comments Off on Are Payday Loans Fixed or Variable?

Payday loans are a notoriously expensive form of borrowing. But their Annual Percentage Rate (APR) is often unclear at first glance. Many payday lenders express their costs as a flat fee instead of an interest rate. That raises questions like: Are payday loans fixed or variable? What is their real interest rate? Find the answers …

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What Is A Payday Alternative Loan (PAL)?

By Nick Gallo | Jan 8, 2021 | Comments Off on What Is A Payday Alternative Loan (PAL)?

Payday loans aren’t a sustainable form of credit, especially for people already living paycheck to paycheck. They’re far too expensive to be safe and frequently trap borrowers in a cycle of debt. A payday alternative loan (PAL) is a much better option for meeting short-term financial needs. Table of Contents What is a Payday Alternative …

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Can A Payday Lender Garnish Your Wages?

By Nick Gallo | Jan 6, 2021 | Comments Off on Can A Payday Lender Garnish Your Wages?

91% of payday loans go to borrowers stuck in a cycle of debt[1]. Eventually, many of them will struggle or fail to pay. They’ll then be vulnerable to aggressive collection attempts from their lenders. Victims of predatory lending don’t always know their rights, and may wonder: Can a payday lender garnish your wages? It’s possible, …

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Can You Go To Jail For Not Paying Back A Payday Loan?

By Nick Gallo | Jan 6, 2021 | Comments Off on Can You Go To Jail For Not Paying Back A Payday Loan?

Many borrowers live in fear of what will happen if they fail to pay back their payday loans. But the exact repercussions can be hard to figure out. Anecdotal horror stories and lenders who bend the rules tend to blur the truth. One of the most common questions is: Can you go to jail for …

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The DebtHammer Newsletter: Issue #1

By Nick Gallo | Jan 6, 2021 | Comments Off on The DebtHammer Newsletter: Issue #1

Table of Contents War… What is it good for? Not payday lenders.A Quick RecapThe Modern LandscapeNebraska Takes a StanceSpeaking of the CFPB…What’s all the fuss about, anyway? War… What is it good for? Not payday lenders. Giphy America is in the middle of a war. No, not the war on terror. Or the war on …

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How Do Payday Loans Affect Your Credit Score?

By Nick Gallo | Jan 6, 2021 | Comments Off on How Do Payday Loans Affect Your Credit Score?

Payday loans are deficient in many ways. They’re ridiculously expensive, often predatory, and consistently trap borrowers who have no other source of financial support. But how do payday loans affect your credit score? Typically, they only impact your score when you fail to pay them back on time. Unfortunately, the likelihood of default is much …

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Can You Go to Jail for Not Paying Student Loans?

By Nick Gallo | Jan 5, 2021 | Comments Off on Can You Go to Jail for Not Paying Student Loans?
jail

There are 44.7 million student loan borrowers in the United States, each with an average balance of $37,584[1]. It’s difficult to keep up with such large amounts of debt, especially for newer members of the workforce. But what happens to the people who fall behind on their payments? Are the penalties purely monetary, or can …

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Can You Have Multiple Payday Loans at Once?

By Nick Gallo | Nov 23, 2020 | Comments Off on Can You Have Multiple Payday Loans at Once?

Payday loans are usually taken out by borrowers who just need some fast cash to make ends meet. Unfortunately, they tend to create more problems than they solve. And since payday loans also tend to correspond with a poor credit score, you’ll probably feel like you have no choice but to take out another the …

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