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 […]
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Somehow, payday loans are still somewhat divisive in our country. Attitudes toward the industry vary significantly between states. While some feel strongly that the practice is immoral and abusive, others feel that lenders should be able to charge rates as they see fit. The federal government has little control over the matter, and each state
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Payday loans are supposed to be a way for people with bad credit to get fast cash in emergencies. Unfortunately, they often cost so much that they cause more problems for borrowers than they solve. It’s up to each state to create regulations that protect its consumers from the debt these loans represent, and these
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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
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If you’re struggling with paying a payday loan, you need to know whether your lender is licensed. If your lender is not licensed, your loan may not be legally collectible, meaning you may not have to pay it. Stuck in payday debt? DebtHammer may be able to help. How to determine whether your payday lender
Is My Payday Lender Licensed in My State? Here’s How to Find Out Read More »
Laws vary from state to state. In some states, vaping is prohibited. In New Hampshire, it’s illegal to collect seaweed at night. And in Alaska, it’s unlawful for a person to get drunk at a bar and remain on the premises. If you’re looking to take out a payday loan, various state laws are in
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With all of the headlines and squabbling recently over forgiving student loans, you may wonder whether there are any payday loan forgiveness programs. Unfortunately, the answer is probably no. While the Coronavirus Aid, Relief and Economic Security (CARES) Act offered some relief for financial hardship due to illness and/or unemployment caused by the pandemic, it
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In 2023, payday lending is still a controversial topic in America. While many Americans find the practice of usury inhumane and distasteful, there are just as many (if not more) who feel that businesses should have free reign to do as they please. Because states have the power to regulate payday lending within their borders,
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Despite its predatory reputation, payday lending still occurs frequently across America. Because the industry is regulated by state officials — not the federal government — the rules are inconsistent. Here’s what you should know about the Colorado payday loan laws if you live in the state. Payday lending status in Colorado: Prohibited Colorado’s Proposition 111,
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Payday loans have short repayment terms, high interest rates, and small principal balances. Because they frequently trap borrowers in a cycle of debt, some state governments limit or prohibit them, but that’s not true of the entire country. Here’s what you should know about the Tennessee payday loan laws if you live in the state.
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