If you have multiple payday loans and feel trapped in a seemingly endless cycle of debt, you’re not alone. A recent survey shows 93% of respondents regret taking out their first payday loan. Additionally, 39% of those surveyed couldn’t afford to repay their loan on or before the due date. They had to take out […]
If you’re juggling multiple monthly bills, including mortgages, auto loans, credit card bills and medical debt, it can be easy to lose track of a payday loan, particularly since payday lenders prefer to debit them from your bank account automatically. But if the payment fails to go through or you’ve have multiple payday loans and […]
What can you do if you can’t afford to repay your payday loan? Most borrowers “roll over” their loan into a new loan – with new fees. But there’s a better option. Instead, ask if your payday lender offers an extended payment plan, also known as an EPP loan. Key points Need a lower payment? […]
Albert is a multifunctional banking app that helps members save, borrow, invest and spend money. It’s best known for its interest-free cash advances of up to $250. But while there are some useful features, you need to understand a few key drawbacks before you sign up. Key points If you’re looking for apps like Albert […]
Updated March 7, 2024, to include a class action lawsuit filed against FloatMe in Pennsylvania. FloatMe is a paycheck advance app that loans (or “floats”) you extra cash until payday. You can use the money however you need to, whether to buy groceries, fill up the gas tank or pay a bill. The app has […]
Payday loan requirements are relatively lax, but there are still a few requirements. If you aren’t sure whether you’re eligible for a payday loan, here’s what you need to know. Our take Do you have multiple payday loans? DebtHammer helps break the borrowing cycle. Who qualifies for payday loans? Payday loan underwriting requirements are minimal. […]
DebtHammer has worked with countless people stuck in the payday loan trap simply because they needed to borrow a small amount of money until payday. We know firsthand the long-term damage a single payday loan can cause. If you need fast cash and a personal loan is not an option, here are 30 ways to […]
When you need to borrow money quickly, you may not have time to extensively research the different types of available loans. What are the differences between payday loans and personal loans? The truth is that personal loans will almost always be better. Stuck in payday debt? DebtHammer may be able to help. At a glance: […]
Payday Alternative Loans are small-dollar short-term loans that were designed to be a better alternative to traditional payday loans without the high fees and interest charges. They cost less and offer longer repayment terms, larger borrowing limits and interest rates are capped at 28%. Unfortunately, many payday loan borrowers are completely unaware that this type […]
If you make less than $40,000 a year, don’t have a college degree, have questionable credit, don’t own a home and are divorced or separated, you’re a payday lender’s prime target. But though they seem like a fast and simple option, that two-week payday loan can have a long-term impact on your financial situation. Before […]