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      August 19, 2019

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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.

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Grandview factory offers employees payday loan alternative

Astry Sosa has a good job at Prier Products, a manufacturer of plumbing products, but she's the first to admit that she's never been able to save money. "I could just never seem to make it stay in a ...

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Repayment Provisions of CFPB Payday Loan Rule Delayed

Your article was successfully shared with the contacts you provided. CFPB headquarters in Washington, D.C. (Source: Shutterstock) The repayment provisions of the CFPB's payday lending rule will not go ...

Published:  Wed, 14 Aug 2019 08:49:00 GMT



Charlene Crowell/Time for CFPB to "Do the Right Thing': Enact Payday Loan Rules

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ABQ, BernCo boost alternative to payday loans

Hundreds of city of Albuquerque employees have borrowed more than $600,000 through a new program intended as an alternative to payday loans - one the city helps promote and administer.

Published:  Sun, 21 Jul 2019 23:07:00 GMT



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