In theory, the purpose of payday loans is to provide emergency funds to people with bad credit. However, they usually cause more problems than they solve. The best way to protect consumers from the trap they represent is with state regulations. Here’s what you should know about the current Washington payday loan laws if you […]
When you need cash fast but struggle with bad credit, you may consider taking out a payday loan. Unfortunately, they have such high finance charges that they usually only make things worse. The Missouri payday loan laws, in particular, lack consumer protections. Here’s everything you should know about them if you live in the state. […]
Payday loans are a controversial topic across America, thanks to their tendency to trap borrowers in debt. Unfortunately, each state can regulate the predatory industry within their borders how they see fit, and some do a better job than others. Here’s what you should know about the Illinois payday loan laws if you live in […]
If you’re in debt and can’t pay it back, obtain a loan, or don’t have anyone to borrow from, it may be time to file bankruptcy. While it may sound like the obvious solution, there are many pros and cons of filing bankruptcy to consider before you make your decision. It’s important that you know […]
If you took out a payday loan two weeks ago and can’t afford to pay it back, you’ll need to take action quickly before the lender tries to withdraw your payment from your bank account. If the money isn’t there, it will just cause your financial issues to snowball. The first step is to stop […]
Are you considering taking out a fast-cash loan? Before you borrow, carefully consider your options. No one ever plans on getting stuck in the payday loan debt trap. But it’s dangerously easy. For instance, if your car dies or you suddenly face an unexpected medical expense, you may need to decide whether to apply for […]
Predatory lending is dangerous. Borrowers who are desperate for cash and have poor credit don’t have time research lenders and seek out better options. However, it’s important to understand the risks. You could end up paying thousands of dollars in extra interest, have your credit score damaged or even lose your home to foreclosure. Don’t […]
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 can destroy your finances in a matter of weeks. Lenders know that most payday loan borrowers won’t be able to repay their loans in full from their next paycheck. More than 80% of those loans must be rolled over into new loans, with additional fees. Before you know it, you’re stuck in the […]
Millions of Texans struggle financially every year. Texas regularly ranks toward the top of states with the highest total credit card debt, averaging $6,753. Texas also has some of the most lenient payday lending laws, landing two cities — Dallas-Fort Worth and Houston — on the list of top 10 cities with the worst payday […]