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      June 21, 2018

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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 thatís 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.

Payday loans not just a poor person's issue

A team of researchers led by faculty at the University of Georgia found that payday loan borrowers often come from middle- and higher-income households, not just poor or lower-earning populations. Mary Caplan, an assistant professor in the School of Social ...

Published:  Sat, 26 May 2018 18:00:00 GMT



Payday loans going before UARB

If you're short on cash and bills are piling up, a payday loan may be a solution. That's how Cash Money promotes its outlets online, but a financial adviser says there are better fixes. "They serve a small value but overall I can't support payday ...

Published:  Thu, 31 May 2018 13:18:00 GMT



Digging out of Debt: Minnesotans tackle payday loans

FARGO N.D. -- Banks and churches are teaming up to get people in crisis out of payday loan debt. People in Minnesota are more prone to falling into this debt trap. In North Dakota, you can have up to $500-dollars in a payday loan. They put you on a ...

Published:  Mon, 04 Jun 2018 21:01:00 GMT



Tougher payday loan rules issued by consumer protection bureau to remain in place ... for now

New, tough nationwide regulations on payday and other short-term loans, finalized by an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain on the books at least temporarily. A deadline for Congress to repeal them passed ...

Published:  Fri, 18 May 2018 01:05:00 GMT



Payday loan expansion bill rejected by Louisiana House committee

An effort to establish new payday lending options narrowly failed in a House committee Wednesday as legislators disagreed on the best way to serve consumers while protecting them from crippling debt and predatory lending. Senate Bill 365 by Sen. Rick Ward ...

Published:  Wed, 09 May 2018 23:50:00 GMT



Tougher payday loan rules to remain in place, for now

Tougher rules governing the payday lending industry, finalized during the last weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place for now after Congress allowed a deadline to overrule them pass without ...

Published:  Thu, 17 May 2018 19:02:00 GMT



House GOP rolls out payday-loan regs; critics say they protect bad industry

Looking for compromise payday-lending reforms, a top House policy leader laid out a host of concepts Thursday, but admitted that finding agreement on interest rates and fees would be a challenge. Months ago, Speaker Cliff Rosenberger, R-Clarksville, handed ...

Published:  Thu, 22 Mar 2018 14:43:00 GMT



Dijkema: Banning payday loan shops isn't the solution

Mayor Jim Watson worries about a "glut" of payday loan shops in Ottawa, and wants to crack down on the number of outlets in the city. Coun. Mathieu Fleury suggests these supposedly short-term loans put vulnerable people in "even more challenging ...

Published:  Wed, 11 Apr 2018 17:00:00 GMT



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