Unfortunately, millions of people get caught up in the cycle of payday loans each year — not realizing that many of these loans, when rolled over, carry annual interest rates of about 400%, making them nearly impossible to pay off.
Every year, 12 million Americans take out payday loans, spending more than $7 billion on loan fees alone, according to research from The Pew Charitable Trusts. While people of all age groups and backgrounds get high-cost payday loans, studies show that Millennials are now turning to payday loans at a faster clip than any other segment of the …
Are Payday Loans the New Credit Cards for Millennials? Read More »
If you’ve ever been strapped for cash and turned to a payday lender for financial help, it’s possible that the payday loan agreement you entered into is actually illegal. According to a recent story published on PublicIntegrity.org, a man from Puyallup, Washington got a payday loan from Ameriloan, but soon found that the lender was …
If you’ve ever received a random phone call from someone claiming that you are delinquent on a payday loan or other type of debt, and must make a payment immediately to avoid legal action, you could be a target of a telephone collection scam. The Internet Complaint Center (IC3) continues to receive complaints from victims …
Watch Out for This Payday Loan Telephone Collection Scam Read More »
Payday loans are a huge financial burden and if you’ve ever gone to a payday lender, you may now find yourself in a cycle that seems nearly impossible to break. But it is possible to eliminate those payday loans and get yourself back on track financially. Here are 7 ways to get rid of your …
Q: What is the best way to start paying off huge credit card and payday loans? A: Here are a few tips for paying those payday loans and credit cards: – Tackle those payday loans first. Sounds like you may have “rolled over” many loans … they usually average about 400% on an annual basis, so it’s …
What is The Best Way to Start Paying Off Huge Credit Card Debt and Payday Loans? Read More »
Arkansas Attorney General Dustin McDaniel filed a consumer protection lawsuit against a Missouri man and two companies that control six payday loan websites offering loans to Arkansas consumers at interest rates that exceeded 600 percent. The lenders known to be controlled by the defendants include: Action Payday, Bottom Dollar Payday, Everest Cash Advance, Paradise Cash …
Arkansas Attorney General Sues Operators of 6 Online Payday Lenders Read More »
Here’s yet another reason to stay away from payday lenders: some of the more unscrupulous ones may try to illegally garnish your paycheck. That’s what the Federal Trade Commission has accused Payday Financial LLC of doing. The FTC has filed an action in U.S. district court, contending that the payday lender allegedly attempted to illegally …
Attorney General Lori Swanson filed lawsuits against five payday lenders that made loans to Minnesotans. The lenders were not licensed to make loans in Minnesota and charged excessively high annual interest rates. This is not the first time that Swanson has brought litigation against payday lenders and Swanson said her office is investigating complaints against …
List of 5 Payday Lenders Sued by Minnesota Attorney General Read More »
If you’re one of the tens of thousands of people who took out a payday loan online, you may stand to get some cash back soon. It’s not a lot of money, but the Federal Trade Commission is nevertheless mailing more than 110,000 refund checks — each check between $10 and $15 — to consumers …
Did You Take Out a Payday Loan Online? You May Get a Refund From the FTC Read More »
Today, payday lender Quik Cash was forced to pay $170,000 in restitution by the Arizona Attorney General to “eligible consumers” that were victims of consumer fraud. According to a news release, the attorney general filed a lawsuit against Quik Cash in December 2009 for reportedly obtaining as many defaults as possible against consumers who lived …
Here are 5 alternative sources for cash to consider before using a payday lender: 1) Earn Cash By Being Neighborly Most of us are overworked and often overwhelmed -– and that includes the people who live right near you. If you can help out someone who lives nearby, that’s not just being a good neighbor, …
The $40 billion a year payday loan industry is booming thanks to high unemployment and a lack of access to traditional bank credit. While most individuals typically think about payday lenders doing business mainly with poor people and minorities, the Wall Street Journal reports that payday loans are also increasingly being used by middle class …
Alternatives to Payday Loans When You Need Cash Fast Read More »
Q: What advice do you give to tackle payday loans? I have two at the moment and I can not afford to pay them both at the same time. A: Unfortunately, millions of people get caught up in the cycle of payday loans each year — not realizing that many of these loans, when rolled over, …
For a single loan, payday lenders routinely charge interest rates of about 400% on an annualized basis. That’s a ridiculously high price to pay for “credit.” So why would someone willingly go to a payday lender when they’re short on cash, when they could just use a credit card to pay for something, or even …
If you’ve never taken out a payday loan, great. Please never do. If you have, please don’t ever do it again. If you absolutely need to borrow a small amount of cash, turn to your friends, family or employer, but don’t get a payday loan. What is a Payday loan? Payday loans are short-term loans …
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