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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...