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Alternatives to Payday Loans: Which Option is Best for You?

When you’re short on cash, the promise of a hassle-free quick cash payday loan may 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 to their […]

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Reasons you might need to apply for a payday loan

There are many reasons a person may need to apply for a payday loan. Payday loans, or short-term loans, are easily accessible loans that don’t require a particularly high credit score to get. If approved, they can be paid in hours. They are a favorite among borrowers, due to their convenience. Taking out a loan […]

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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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What is a payday loan?

Payday loans provide a quick influx of cash, but should be considered 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. Loading Something is loading. Payday loans […]

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National Payday Loan Relief celebrates 15 years of transforming lives through payday loan consolidation

OAKLAND PARK, Fla. (PRWEB) October 20, 2021 National Payday Loan Relief celebrates 15 years since the launch of the payday loan consolidation program. This program has helped thousands of Americans languishing in payday loan debt regain their financial freedom. Through this program, the company takes responsibility for settling an outstanding payday loan on behalf of […]

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How to get out of a payday loan cycle for good – Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radio

Taking on too much debt can lock you into a payday loan cycle, which can be difficult to overcome. If you face this situation, there are many ways to solve your problems to free yourself from your debts. Here are some suggestions you should check out. Ultimate Guide to Breaking the Payday Loan Cycle Payday […]

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Loan consolidation company relieving Americans of payday loan debt amid Covid-19 pandemic

Oakland Park, FL (PRWEB) August 14, 2021 Covid-19 hit the world by surprise in March 2020, and since then life has taken a dark turn. This pandemic has grabbed the world by the neck, from the loss of families and friends to the virus, to job losses and business failures. With businesses closing and citizens […]

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A trusted financial institution that offers the best payday loan settlement under its payday loan assistance program in this pandemic

FORT LAUDERDALE, Fla. (PRWEB) June 04, 2021 National Payday Loan Relief is one of the leading payday loan assistance companies in the United States that offers specialized payday loan assistance programs to its customers. They have been in the payday loan settlement business for over twelve years and they have many clients to attest […]

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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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Kansas City payday loan mogul pleads fraudulent bankruptcy

Del Kimball, a prominent figure in Kansas City’s payday loan scene, dropped a federal indictment Tuesday afternoon and pleaded guilty to one count of bankruptcy fraud. Kimball, 53, appeared with his attorney, JR Hobbs, before U.S. District Court Judge Beth Phillips, who accepted Kimball’s guilty plea. He is to be sentenced on June 2; he […]

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Avoid the Trap of High-Interest Payday Loans with These Debt Alternatives

For the more than 12 million Americans who take out payday loans each year, the debt doesn’t end with their next paycheck. In fact, data from the Consumer Finance Protection Bureau shows that over 80% of payday loans are rolled over within 14 days, and the majority of these subsequent loans are for amounts equal […]

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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 surviving loan shops try to hold on, they’ve hiked their already […]

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Hamilton, Ont. woman ‘deeply regrets’ taking payday loan with 47% interest

TORONTO — In Hamilton, Ont. woman says she was struggling financially when she was given the opportunity to consolidate her debt with a loan from a payday loan company. “I got an offer from a payday loan company and decided to take it and now I deeply regret it,” Kathleen Kennedy told CTV News Toronto. […]

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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 […]

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Payday Loan Debt Consolidation | The bank rate

If you’ve taken out a payday loan that charges exorbitant fees, the struggle to make the payments can seem overwhelming. This is a particularly difficult type of debt to repay because borrowers can get trapped in a cycle of debt. About 12 million people take out payday loans every year, and more than 80% of […]

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In a 2-1 vote, the NCUA board of directors adopts an alternative to payday loans

The NCUA Board of Directors (Source: NCUA) A divided NCUA board passed a rule Thursday that allows federal credit unions to make short-term loans of up to $2,000 as an alternative to predatory payday loans. The new alternative payday loan option, known as PAL II, would not replace the current PAL model, but would provide […]

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Is it still acceptable to take out a payday loan?

Payday loans have extremely high interest rates – but is it still okay to get one? Find out the answer here. Payday loans are short term loans with very high interest rates. In fact, the Consumer Financial Protection Bureau (CFPB) warns that payday loans typically charge an APR of around 400%. Unfortunately, since payday loan […]

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The alternative to payday loans has its own risks

Payday loans target consumers with no credit or low credit. 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 ones, draining finances and pushing borrowers ever deeper into debt. poverty. In 2018, the Federal Trade Commission sued leading payday lender […]

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Escape payday loan debt with these tips

Nobody likes being in debt, but it’s even worse when there seems to be no way out. That’s how the 12 million Americans who take out payday loans each year usually feel. It’s understandable, considering they’re paying about nine billion dollars in loan fees. But there’s hope — you don’t have to be stuck in […]

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Definition of payday loan

What is a payday loan? A payday loan is a type of short-term loan where a lender grants credit at a high interest rate based on your income. Its principal is usually a portion of your next paycheck. Payday loans charge high interest rates for immediate, short-term credit. They are also called cash advances or […]

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Activehours, payday loan alternative, promises faster payment, no fees

Payday lenders are often compared to loan sharking operations. Critics say these lenders prey on people in desperate need of quick cash that they unwittingly take out loans that end up costing them absurdly high interest rates. According to 2012 Pew Charitable Trusts research, the typical payday loan borrower takes out eight short-term loans a […]