How Do Secured Credit Cards Work? How Are They Different From Unsecured Cards?

By Nick Gallo | Jan 11, 2021 | Comments Off on How Do Secured Credit Cards Work? How Are They Different From Unsecured Cards?

Credit cards come in all shapes and sizes. Well, most of them are roughly 7-square-inch rectangles, but they do have very different qualities. In particular, secured credit cards work differently from their unsecured counterparts. There are pros and cons to both types, and which one you need will depend on your credit scores and intentions …

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Are Payday Loans Fixed or Variable? (What You Need to Know)

By Nick Gallo | Jan 8, 2021 | Comments Off on Are Payday Loans Fixed or Variable? (What You Need to Know)

Payday loans are a notoriously expensive form of borrowing. But their Annual Percentage Rate (APR) is often unclear at first glance. Many payday lenders express their costs as a flat fee instead of an interest rate. That raises questions like: Are payday loans fixed or variable? What is their real interest rate? Find the answers …

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What Is A Payday Alternative Loan (PAL) and Why Are They Better Than Payday Loans?

By Kurtis Kendall | Jan 8, 2021 | Comments Off on What Is A Payday Alternative Loan (PAL) and Why Are They Better Than Payday Loans?

Payday loans are dangerous forms of credit that often take advantage of people when they are at their lowest. Taking one out can easily cost borrowers much more than they originally borrowed and trap them in a cycle of debt. Instead, consider a payday alternative loan (PAL), a better option for meeting short-term financial needs. …

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Can A Payday Lender Garnish Your Wages? (Here’s What You Need to Know)

By Nick Gallo | Jan 6, 2021 | Comments Off on Can A Payday Lender Garnish Your Wages? (Here’s What You Need to Know)

About 91% of payday loans go to borrowers stuck in a cycle of debt. Eventually, many of them will struggle or fail to pay. They’ll then be vulnerable to aggressive collection attempts from their lenders. Victims of predatory lending don’t always know their rights, and may wonder: Can a payday lender garnish your wages? It’s …

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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 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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