Payday loans are high-interest, short-term loans meant to be repaid on the next paycheck. However, in practice, borrowers often find themselves taking out multiple loans, rolling them over, and ending up in a situation where their monthly payments only pay the interest. It’s called the payday loan trap, and it’s a real problem. It’s why …
Taking out payday loans may seem like a short term necessity, but if not repaid, payday loans can easily pile up into a mountain of debt. Borrowers with high amounts of payday debt often find their debt rising despite making payments, simply because of the astronomically high interest rates. Here are 7 ways those struggling …
Payday loans are short-term, high-interest loans for typically under $1,000 that are designed to be paid back on the borrower’s next payday. Advertised as a short-term solution for unexpected expenses such as vehicle repair or an upsurge in utility bills, payday loans are regularly used to deal with recurring expenses or to pay off credit …
Predatory lending is a $25 billion problem that perpetuates poverty and the socioeconomic victimization of many Americans. Payday loans specifically ― which are inherently predatory ― cost borrowers between $2.6 billion and $3.5 billion in fees annually. Although the payday loan industry is dominated by brick and mortar lenders, online lenders are an emerging player …
Everything you need to know about predatory online payday lending Read More »
Defaulting on a payday loan can damage your credit score, trigger a barrage of harassing phone calls from debt collectors, and in extreme cases with a proper scumbag lender, land you in court. Make it a priority to settle the debt and escape the payday loan cycle trap. What are payday loans and how are …
What happens if you can’t afford to repay a payday loan? Read More »
If you’ve ever needed cash on short notice you may have considered a payday loan. While payday loans were originally meant to help make ends meet on occasion, they can easily trap borrowers into an endless cycle of debt. This post details everything you need to know about payday loans, and how to stay clear …