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 […]
Illinois Payday Loan Laws: The Ultimate Legislative Guide Read More »
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
How to Stop Paying Payday Loans — Legally Read More »
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
Payday Loan vs. Installment Loan: Which is Better? Read More »
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
Predatory Lending: What It Is and How to Protect Yourself Read More »
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.
Which State Has The Most Payday Loan Stores? Read More »
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
Payday Loan Settlement: A Fast Way to Get Debt Relief? Read More »
Refinancing your payday loan means revising or replacing your existing loan contract. This can mean extending your loan term, setting up a payment plan or getting a completely new loan (usually from the same lender, with one key exception.) Almost 80% of payday loan borrowers can’t afford to repay their loans on time. If this
5 Ways to Refinance Your Payday Loan Read More »
Payday loan lenders technically don’t charge “interest.” Since the loans are supposed to be repaid from your next paycheck, they wouldn’t make much profit if they relied on the monthly compounding used by most traditional lenders. Instead, payday loan interest rates are presented as fees or finance charges. The fees sound relatively inexpensive, but they
Payday Loan Interest Rates: What You Need To Know Read More »
If you’re wondering whether you can have more than one payday loan at the same time, the answer is yes, depending on your state. Our take Stuck in payday debt? DebtHammer may be able to help. You can have more than one payday loan The laws around multiple payday loans vary from state to state.
Can You Have Multiple Payday Loans at Once? Read More »
Payday loans are difficult to repay. Most borrowers can’t afford to hand over $500 from their next paycheck and still have enough money left for day-to-day expenses. But if you’re thinking about defaulting and are wondering how long unpaid payday loans stay in the system, the answer depends on which system you mean. Our take
How Long Do Unpaid Payday Loans Stay in the System? Read More »