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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 […]

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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 […]

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Millions of Payday Loan Customers Only Have ONE MONTH to Get Refunds

MORE than four million Britons could be in cash debt after taking out unaffordable payday and home loans. Customers of Provident Financial, Greenwood, Flo and Satsuma have just one month to file their claim before the February 28 deadline. 1 Badly-sold payday loan customers have just one month to seek repaymentCredit: Getty You could get […]

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What should you consider when considering getting a payday loan?

Once the loan is accepted by the credit company, the amount is immediately credited to your account. Online payday loans are received simply and in a timely manner. Online payday loans are a fantastic choice for people who have little money to meet their needs. Regardless of the name, these loans are rather short term […]

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Best Online Payday Loan Companies for Instant & Same-Day Loans | Guaranteed Loan Approval with No Credit Check [2021]

Financial hitches seem to always creep up on you when your cash flow is less than favorable. So much so that it’s almost like they can sense dwindling savings. Thankfully, online payday loan companies can cover you during those emergencies. They do this by giving you the financial float you need before getting your next […]

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Alternatives To Payday Loans: Which Option Is Right For You?

When you are strapped for cash, the promise of a quick and hassle-free cash payday loan can seem like an attractive option. But is it your only one? The Center for Responsible Lending calls payday loans “predatory” – for good reason. The ease with which borrowers can get their hands on funds to float them […]

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Florida payday loan scheme is scamming investors out of millions, SEC says

MIAMI — The owner of a Miami-based payday loan company defrauded hundreds of investors out of millions of dollars and paid off others with money he acquired through a Ponzi scheme , according to a newspaper report and federal regulators. About 500 investors, including many from the Venezuelan American community in South Florida, were won […]

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What causes millennials to turn to payday lending and you will be pawn shops?

What causes millennials to turn to payday lending and you will be pawn shops? More millennials are embracing payday lending and pawn shops for the cash they need so badly – moves that will promote instant savings, but usually result in higher debt loads. This is based on a new study on Millennials and Money […]

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Reasons why you might need to apply for a payday loan

There are many reasons why a person may need to apply for a payday loan. Payday loans, or short-term loans, are readily available loans that do not require a particularly high credit rating to be taken out. If approved, they can be paid in hours. They are a favorite among borrowers, because of their convenience. […]

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Michigan Board Approves Petition Wording for 2022 Payday Loans Vote

A coalition that wants voters to decide how Michigan should cap interest rates on payday loans won approval on Tuesday for its sketchy wording for a petition to bring the issue to the November 2022 ballot. Members of Michiganders for Fair Lending told the Board of State Solicitors that payday loans — short-term loans with […]

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93% of payday loan borrowers regret taking out their loans, 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 goes to debt collectors. (iStock) Payday lenders prey on borrowers with bad credit who are in desperate need of cash, trapping them in a cycle of hard-to-repay […]

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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 […]

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93% of payday loan borrowers regret taking their loan, survey finds

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. (iStock) 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 vast […]

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Survey: 90% of borrowers regret having taken out a personal loan

DebtHammer.org results show 80% say their short-term loan has made their financial situation worse rather than helping it Low-income households find saving impossible, but with the right strategy, it is possible to build an emergency fund that can ward off the need for payday loans. – Dr. Robert H. Scott III, Professor at Monmouth University […]

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What is a payday loan?

Payday loans provide a quick influx of money, but should be viewed as options of last resort. You could pay interest rates equivalent to 400% APR or more with payday loans. Alternatives include local nonprofits, churches, family members, and personal loans. Learn more about Personal Finance Insider loan coverage here. Payday loans are touted as […]

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State law requires payday loan stores to close

“Outside of business”. This sign is not new in the past 18 months. Thanks to the coronavirus pandemic, sales for many traders have dried up, doors have been closed and employees have been laid off. But across Illinois, state law passed earlier this year closed hundreds of certain types of stores, including at least one […]

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Afterpay-Westpac ‘Retro’ painted with a payday loan brush

Afterpay’s new “Retro” feature retroactively splits a payment into four installments, which critics say isn’t better than a payday loan or payday advance. Announced Wednesday and slated to launch next month, Afterpay’s collaboration with Westpac retroactively splits a payment into four installments, based on one transaction in the last 72 hours. The Retro feature actually […]

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Where can I get a payday loan?

Image source: Getty Images Before you visit your local payday lender, consider the alternatives. If you are looking for a small loan, you might be tempted to use a payday lender. After all, it seems so easy: get in, provide some basic information, and walk away with the cash you need. Payday loan companies never […]

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Can’t Pay Off a Payday Loan? What should you do Here are your options

Your options when you can’t make your payments What options are available to you when you’re having trouble making your bad credit loan payments? First of all, you have to admit that there is a problem for yourself. No doubt you’ll try to think of as many different ways to repay as possible, but sometimes […]

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How To Get Out Of Payday Loan Debt Now

The key is to shop around and find a loan at the most affordable rate and on the most favorable terms possible. If you are able to secure a personal loan, you can significantly reduce the interest rate and the borrowing costs that you pay as compared to payday loans. More of your money will […]

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Perfect Payday Loans Review

Are you in financial difficulty? If you are having financial difficulties and would like to speak with someone for free financial advice, information and assistance, you can call the Financial Advisors Hotline on 1800 007 007 (open 9:30 a.m. to 4 p.m., Monday through Friday). If you are suffering from financial problems related to the […]

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Best military payday loan alternatives for 2022

Mmilitary personnel and their families do so much to serve our nation that it is surprising to discover that they are being unfairly targeted by predatory lenders. But it is, in fact, the case. The Consumers Federation of America recently published a report who noted that predatory lenders target military personnel and their families. Predatory […]

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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 […]

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Russia’s delinquent payday loan portfolio hits new record

The number of overdue payday loans in Russia hit a record 5.4 million in February, according to consumer credit rating agency Equifax. In total, Russians owe microfinance organizations 172 billion rubles ($ 2.2 billion) – very short-term loans that usually come with high interest rates and are designed to tide borrowers out for a few […]

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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 […]

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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 […]

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How personal loan consolidation works

Drowning in payday loans? These options can be useful. (iStock) Payday loans are a short-term 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 of debt that is virtually […]

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SoLo Funds is an alternative to payday loans with bigger plans

Travis Holoway, CEO and co-founder of SoLo Funds, says his startup isn’t just a quick way to get a small, short-term loan. It’s the start of something bigger. The startup, which raised $10 million in a Series A funding round last week, offers an app where users can lend money to each other. Borrowers typically […]

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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 […]

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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 […]