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

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?

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 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 of Payday Loans

By Nick Gallo | Nov 23, 2020 | Comments Off on How to Handle Fake Debt Collectors of 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 blatant scams from the more subtle ones. Thieves frequently try to take advantage of the fact that …

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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. Table of Contents What is a 0% Balance Transfer Card?How Do 0% Balance Transfer Cards Work?What Happens if You Don’t Pay Off a Balance Transfer?How Much Can I Save With a 0% Balance …

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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 Nick Gallo | Nov 16, 2020 | Comments Off on How to Protect Yourself from Payday Loan Scams

Payday lending is an inherently predatory practice. Ignorant or desperate borrowers who have little to no financial recourse are often scared, frustrated, and uncertain due to financial stress and intimidation tactics. That makes them the perfect targets for con-artists, who have seized the opportunity to implement a variety of payday loan scams. These scams are …

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Can Payday Lenders Sue You?

By Nick Gallo | Nov 5, 2020 | Comments Off on Can Payday Lenders Sue You?

The payday loan trap is scary. Once you’re caught, predatory lenders will use all kinds of underhanded tactics to make more money off of you. One of their favorite strategies is to threaten you into paying them, even if it means that you have to take another loan out to do so. Legal penalties are …

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