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. …
Payday loans are dangerous. What looks like a small fee at first often adds up to thousands of dollars. Before you take out a payday loan, use our pay loan calculator to determine your interest rate and compare how it stacks up against other types of loans. Calculate your payday loan APR You can calculate …
Payday loans are dangerously easy to get. You only need a bank account, proof of income and a photo ID to be eligible. But payday loan borrowers are often confused about the type of loan they are getting and whether it’s a secured or unsecured loan. Key points Stuck in payday debt? DebtHammer may be …
Is a Payday Loan Secured or Unsecured? Know the Differences 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. …
Is a Payday Loan an Installment or Revolving Loan? 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. Stuck in payday debt? …
Are Payday Loans Fixed or Variable? (What You Need to Know) Read More »
Many borrowers fear what will happen if they fail to repay their payday loans. Jail comes up surprisingly often, frightening people into making dangerous financial mistakes. So, is it true? Can you go to jail for not paying back a payday loan? Don’t worry. Jail isn’t a legal punishment for defaulting on debts. An unpaid …
Will You Go to Jail for Not Paying Back a Payday Loan? What You Need to Know Read More »
What happens if you fail to repay a payday loan? Will you face felony charges and run the risk of jail time? Is it considered a misdemeanor? Failing to repay a payday loan is NOT a felony or a misdemeanor Here’s why: Under U.S. law, a felony is a crime that merits a jail term …
Is Not Repaying Payday Loans a Felony? Know Your Rights Read More »
If a lender or debt collector contacts you and says they’re taking you to court if you don’t pay them immediately, you should take that threat very seriously. Yes, payday lenders can sue you It’s important to understand that any creditor — including a payday lender — has the right to sue you and take …
Yes, Payday Lenders Can Take You to Court: Here’s How to Prevent It Read More »
Debt collectors will say almost anything in an effort to get you to make a payment. One threat that’s commonly made is wage garnishment. But can your payday lender really garnish your wages? Your wages could be garnished if you fail to repay your payday loan Payday lenders cannot directly garnish your wages. But they …
Can Payday Lenders Garnish Wages? Everything You Need to Know Read More »
Black Friday is no longer just a single day devoted to shopping: the deals and promotions started this year while stores were still stocking Halloween candy. But there’s a dark side that comes along with holiday shopping and celebrations – 48% of Americans will end up further in debt. More than 5% said they’ll have …
Survey: 2023 Holiday Spending Will Leave Almost Half Of Americans in Debt Read More »