UNITED STATES—If you’re like most people, you’ve probably suffered from bad credit at some point in your life. As a result, you’ve probably been denied credit at some point. Most people believe their only option is to wait for their credit score to improve before applying for a loan. At this point, you might be […]
Tag: interest rates
Payday Loans Statistics | The bank rate
Here’s a breakdown of payday loan demographics by parental status. Parents are more likely to take out payday loans than non-parents. Parental status Percentage having used a personal loan non-relative 5% relative 8% payday loans in america The rates and terms of payday loans can vary widely by state. Some states don’t even allow payday […]
What is a payday loan?
What is a payday loan? payday loans are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check. Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is […]
Can you get a payday loan with a credit score of 550?
If your credit score is 550, you can only qualify for a personal loan. However, it is almost impossible to obtain large loans with low credit scores. This means you need to look for alternative financial solutions or improve your credit score. In this article, I will explain various things you need to know about […]
The alternative to payday loans has its own risks
Payday loans target consumers with no credit or low credit. According to industry research firm IBISWorld, the U.S. check cashing and payday lending industry is set to grow 5.1% in 2022. These high-interest loans promise quick cash until the next paycheck arrives, but they often create dangerous cycles of new loans to pay off old […]
A payday loan vs an installment loan
To figure out which one will best suit your needs, take some time and do some research first so you can decide with all the facts at your fingertips instead of relying on what someone else says about the best option. The personal loan and its purpose One of the main advantages of personal loans […]
93% of payday loan borrowers regret taking their loan, survey finds
item Payday loans can be a debt trap for borrowers who cannot afford to make payments. Here’s how you can pay off your payday loan balance before it’s sent to debt collectors. (Stock) Payday lenders prey on borrowers with bad credit who desperately need money, trapping them in a cycle of high-interest, hard-to-pay debt. The […]
Why payday loan use is on the rise during the pandemic and how you can avoid it
Payday lenders targeting low-income people are nothing new. Short-term, high-interest loans which are often intended for minorities in rural areas, have the potential to create a spiral of debt from which many find it difficult to break free. In 2018, for example, more than 33,000 payday loans were taken out each week in Alabama, according […]
How personal loan consolidation works
article Drowning in payday loans? These options can be useful. (Stock) Payday loans are a short term, in a pinch option for cash-strapped consumers. But they are hardly a saving grace. With exorbitant interest rates and short repayment terms, they often incur more costs than they are worth. They can also cause a vicious cycle […]
New ruling on payday loans is bad news for borrowers
Would-be lenders have long attempted to evade state usury laws by using what are known as bank leasing programs: an out-of-state bank, which is not bound by interest rate caps in the state of the payday lender, acts as a front to the company that is actually originating a high interest loan that they could […]
The interest on a typical Utah payday loan goes up to 554% APR
Utah’s high-interest payday loan companies say the pandemic is hurting their already struggling industry – where nearly one in three stores have closed during a four-year slump amid… tighter regulations. Critics say government coronavirus aid may have reduced the need for such loans. As the surviving loan shops try to hold on, they have hiked […]
LendUp Review: Is This Payday Loan Alternative a Good Choice?
Payday loans are risky business. Coming in at an average interest rate of 400%, once you get involved in a payday loan, it’s hard to get out of it. But there are times when you may have no other option. So if these loans are a necessary last resort for some, are there responsible versions […]
Payday loan verdict paves way for further legal action | News
A test case for regulations governing irresponsible lending could pave the way for new lawsuits against payday lenders, according to a lawyer acting for a group of plaintiffs who had been encouraged to enter a “cycle of debt”. In Kerrigan vs. Risethe High Court found that payday lender Elevate Credit International Limited – better known […]