TopConsumerReviews.com
      November 22, 2017

Home  >  Payday Loans  >  Articles

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Baby Cribs

Credit Card Consolidation

Graduation Invitations

Gutter Guards

Hair Care Products

Installment Loans

Makeup

Reverse Mortgages

Tickets

Web Hosting

 

Related Articles

Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

Payday Loans FAQ

The Benefits of Payday Loans

Applying for Payday Loans Online

How to Find Lenders Specializing in Payday Loans

Reasons Why You May Need a Payday Loan

Payday Loans and Your Credit

Tips for Getting and Repaying a Payday Loan

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Payday Loans and Your Credit

Every day, people struggle with finances and often a little help is all that’s needed to get them back on track until their next paycheck. For some, payday loans may be the answer. Because they often require no credit check, payday loans are ideal for those with little or no credit history. At the same time, they are perfect for someone who may have had credit problems in the past.

Instead of credit, payday lenders are more concerned with your current ability to repay a debt. This means that they will verify your employment and income, but will not typically pull your credit report. In addition, payday loans are not commonly reported to credit bureaus, which means they will not show up on your credit report. If you have concerns about future lenders knowing that you once applied for payday loans, you will be glad to know that it is unlikely.

Although payday loans are not issued based on credit, nor will they commonly appear on credit reports, they must be repaid as any other loan. Because they offer fast cash with very little qualifying, with the exception of steady employment, payday loans do not come cheap. Most lenders will apply fees based on the loan amount and may range from $10.00 to $30.00 per $100.00 loaned. For instance, if you borrow $1,500.00 in payday loans, you may be paying between $150.00 and $450.00 in fees plus the original loan amount. If you request that the loan be extended, and the lender agrees, these fees will continue to roll over as well.

If you would like to access your credit report, you are entitled to request a free copy from each of the three credit reporting agencies on an annual basis. You can either submit your request online, by phone or in writing. In addition, if you are turned down for credit, you will be given a letter of explanation from the lender containing a reason for their decision. The letter will also contain the contact information from the credit reporting agency, which was used during the decision making process. You will have approximately 60 days from the date of the letter to request a free copy of your credit report from the agency listed.

Payday loans are designed to be a short-term fix to a temporary problem. In most cases, they are used when unexpected events arise or the borrower simply falls a little short on cash. Although their fees can be high, they provide many with the instant relief that they so desperately need. When it becomes impossible to wait for the next paycheck to buy groceries, see a doctor or even have your car repaired, payday loans can give you access to quick cash as a quick fix to a temporary financial slump.

Richard Cordray's departure should end the campaign against payday loans

by Patrice Onwuka | Nov 20, 2017, 4:39 PM Share on Twitter Share on Facebook Email this article Share on LinkedIn Print this article In many cases, these loans, even with high interest rates, are cheaper than incurring daily fees for overdrawing their ...

Published:  Tue, 21 Nov 2017 11:22:00 GMT



The Perfect Coda for Cordray's Tenure: Nullifying the Payday Lending Rule

Some people don't like payday loans, but there's a huge difference between viewing something unfavorably and using the power of the federal government - through an independent agency whose structure has been ruled unconstitutional - to effectively ...

Published:  Wed, 22 Nov 2017 09:32:00 GMT



Number of hard-up Brits applying for payday loans to help cover rent or mortgage has more than doubled in two years

The number of hard-up Brits applying for payday loans to help cover their rent or mortgage has more than doubled in just two years, shocking new figures reveal. The stats reveal that the number of total applicants looking for emergency financial help has ...

Published:  Wed, 22 Nov 2017 09:58:00 GMT



Insight: Who Uses Payday Loans

The world economy has become more and more complex and volatile in recent decades. Income inequality continues to rise. Meanwhile, companies find new ways to make money. Financial "˜products' abound, including those targeted at people who can't get ...

Published:  Fri, 17 Nov 2017 10:16:00 GMT



Trapped in payday loan debt Here's how you can escape.

That's how the 12 million Americans who take out payday loans each year usually feel. That's understandable, considering they pay out around nine billion dollars in loan fees. But there is hope - you don't have to be stuck in the payday loan debt ...

Published:  Sun, 12 Nov 2017 04:38:00 GMT



This Democrat Is About To Give Payday Lenders A Big Boost

The legislation would allow payday lenders to ignore state interest rate caps on consumer loans as long as they partnered with a national bank. Although it has been generally overlooked amid the GOP's stumbling attempt to repeal Obamacare and its ...

Published:  Tue, 14 Nov 2017 04:00:00 GMT



350 Percent Interest Rate Senators Bankrolled By Payday Lenders Can Live With That

In addition to traditional payday lenders, newer financial technology companies want to become bigger players in the high-interest loan business, the Huffington Post reported Tuesday. Warner is an outspoken proponent of fintech, and should his bill become ...

Published:  Fri, 17 Nov 2017 09:54:00 GMT



Trying to Get a Low APR Payday Loan Consider These 4 Tips

When you take out fast cash loans, it means that it can help you get out of a financial jam pretty quickly. However, you are then faced with finding a way to pay the loan back with huge APR charges. Believe it or not, the solution to this problem may be ...

Published:  Wed, 22 Nov 2017 07:34:00 GMT



Federal jury convicts operator of payday lenders sued by CFPB and FTC

The companies sued by the CFPB and FTC included entities that were directly involved in making payday loans to consumers and entities that provided loan servicing and processing for such loans. The CFPB alleged that the defendants had engaged in ...

Published:  Mon, 20 Nov 2017 00:00:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure