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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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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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Afterpay-Westpac ‘Retro’ painted with payday loan brush

Afterpay’s new ‘Retro’ feature retroactively splits a payment into four instalments, which critics say is no better than a payday loan or payday advance. Announced on Wednesday and slated to launch next month, Afterpay’s collaboration with Westpac retroactively splits a payment into four installments, based on a transaction in the past 72 hours. The Retro […]

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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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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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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 […]