Payday loans are short-term emergency loans people take to cover urgent cash needs until their next paycheck. For example, to cover an emergency auto repair or fix the air conditioner. The requirements are relatively lax, but there are still a few requirements. Do you have multiple payday loans? DebtHammer helps break the borrowing cycle. Key …
What are the Basic Requirements for a Payday Loan? Read More »
In 2021, the FTC received over 2.8 million reports of fraud. About 34% of these reports involved individuals who lost money to some kind of a scam. While not all of these scams are related to payday loans, many of them are. In fact, tens of thousands of people are involved in a payday loan …
Nothing keeps you up at night tossing and turning more than worrying about unpaid bills or a loss of income. Financial stress can be overwhelming. It affects your body and mind and leads to insomnia and sleepless nights. Take Dave in Missouri, for instance, who borrowed $2,500 over five years and paid $61,000 in interest. …
Are you stuck in the payday loan trap and searching for a way out? Are you tired of reading through the same old “how-to” guides telling you to start with high-interest loans first? Payday loan debt is unlike other types of debt because the payments can quickly eat up your entire paycheck. This calls for …
How to Get Out of Payday Loan Debt in 8 Easy Steps Read More »
Around 12 million American consumers use payday loans each year, borrowing an average of eight loans at $375 apiece. With the standard lender fees and interest rates, each loan costs around $520 after everything is paid. If you feel like you’re trapped in a never-ending cycle of debt, you’re not alone. And fortunately, there are …
In Over Your Head With Payday Loans? 13 Ways to Escape the Trap for Good Read More »
Payday loans drain over $4.1 billion in fees per year from borrowers in states where payday loans are legal, according to the Center For Responsible Lending. And that’s not counting title loans, which drain another $3.8 billion in fees per year from residents of 22 states. Between the two, that’s nearly $8 billion in fees …
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). …
A payday loan can seem like a quick and easy way to make ends meet while you wait for your next paycheck. The loan amount is usually small. You’re meant to pay it back on your next payday. But many people often find that when payday rolls around, they need the money in their paycheck …
EPP Loans: All About Payday Loan Extended Payment Plans Read More »
Automatic loan payments can be a good way to stay on top of monthly bills. However, payday lenders use automatic payments as a form of securement for their unsecured loans. So, what should you do if your payday lender requires you to set up automatic debits from your account, and you don’t always have the …
How to Legally Stop Automatic Payments on a Payday Loan Read More »
Payday loans help people with bad credit get fast cash. Unfortunately, so many state regulations allow such high finance charges and short repayment terms that the loans often trap borrowers in a cycle of debt. If you’re considering taking out a payday loan in Virginia, here’s what you should know about the Virginia payday loan …
Virginia Payday Loan Laws: The Ultimate Legislative Guide [Updated: 2023] Read More »