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, though the real repercussions can be hard to figure out. Anecdotal horror stories and lenders who bend the rules tend to blur the truth. Prison comes up surprisingly often in these circles, which can frighten people into …

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The DebtHammer Newsletter: Issue #1

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

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 drugs. Or the war on poverty… Okay, so America is in the middle of a lot of wars. But we’re not talking about them right now. No, …

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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?

There are 43.2 million student loan borrowers in the United States, each with an average balance of $39,351. It’s difficult to keep up with such large amounts of debt, especially when you’re just starting out in the workforce. But what happens to the people who fall behind on their payments? Are the penalties purely financial, …

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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 lenders typically target people who need fast cash to make ends meet, even though the loans create more problems than they solve. Unfortunately, payday loan borrowers often also have poor credit scores and have no choice but to take out another one the next time they’re low on cash (there’s always a next time). …

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How to Handle Fake Debt Collectors For Payday Loans

By debthammer | Nov 23, 2020 | Comments Off on How to Handle Fake Debt Collectors For Payday Loans

Payday loan borrowers are used to giving up their paychecks to their lenders, many of whom offer services that already border on predatory. In an industry so full of shady practices, it can be difficult to discern the scams from legitimate loan companies. Thieves frequently try to take advantage of the fact that many of …

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What is a 0% Balance Transfer Card? (And When to Use One)

By Nick Gallo | Nov 23, 2020 | Comments Off on What is a 0% Balance Transfer Card? (And When to Use One)

A guide for those looking to determine whether or not a 0% balance transfer card will help them get out of debt. What is a 0% Balance Transfer Card? A balance transfer involves moving your outstanding credit balance from one account to another with more favorable terms. A 0% balance transfer card is the ideal …

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How are Credit Scores Calculated?

By Nick Gallo | Nov 16, 2020 | Comments Off on How are Credit Scores Calculated?

There’s a lot of misinformation out there about credit scores. People have been perpetuating myths about how they work and what affects them for years, so it’s no surprise that so many others are confused about how their credit scores are calculated. But in truth, the process is pretty easy to understand if you can …

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How to Protect Yourself from Payday Loan Scams

By Angela Watson | Nov 16, 2020 | Comments Off on How to Protect Yourself from Payday Loan Scams

In 2020, the FTC received over 2.2 million reports of fraud. About 34% of these reports involved individuals who lost money to some kind of a scam. While not all of these scams are related to payday loans, many of them are. In fact, tens of thousands of people are involved in a payday loan …

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Can Payday Lenders Sue You or Take You to Court?

By Debbie Sklar | Nov 5, 2020 | Comments Off on Can Payday Lenders Sue You or Take You to Court?

These days you can be sued for about anything from hitting someone’s bumper to divorcing your spouse. You can also be sued by a lender if you don’t pay back a payday loan. Remember when you needed the funds borrowed to buy groceries and pay your electric and phone bill? You might want to find …

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