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      February 19, 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.

Banks Urged to Take On Payday Lenders With Small, Lower-Cost Loans

Those who find themselves pinched for cash often turn to high-cost payday lenders. But traditional banks and credit unions could serve that role for borrowers and do it at much lower rates, according to a new proposal from the Pew Charitable Trusts.

Published:  Fri, 16 Feb 2018 20:16:00 GMT



Weston: Would a bank payday loan be any safer

A "safer" payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole. Thanks to a recent regulatory change, it now may be possible for banks to offer ...

Published:  Tue, 13 Feb 2018 20:38:00 GMT



Payday loans growing woes

A study by a Toronto-based firm says the rate of insolvent borrowers using payday loans in Ontario has grown for the sixth consecutive year. Insolvency trustee firm Hoyes Michalos & Associates says 31 per cent of insolvent borrowers used the loans in 2017 ...

Published:  Tue, 13 Feb 2018 06:58:00 GMT



Payday loan revamp moves forward in Senate

With one lawmaker pointing to a "conundrum," the Senate Appropriations Committee on Thursday approved a bill (SB 920) that would allow payday lenders to make larger loans for longer periods of time. The proposed changes have drawn heavy debate in the ...

Published:  Thu, 15 Feb 2018 23:14:00 GMT



Payday loan alternatives that will cost you less

A recent study found a growing number of Ontarians on the edge of bankruptcy are turning to payday loans to make ends meet. The study was done by the insolvency trustee firm Hoyes Michalos & Associates. It found in 2017, 31 per cent of insolvent borrowers ...

Published:  Wed, 14 Feb 2018 09:39:00 GMT



Lake County Council: Payday loan changes 'like a vulture'

Lake County officials took a stand against proposed changes to Indiana's payday loan laws Tuesday saying they would only create new hardships for the state's residents. The Lake County Council unanimously passed a resolution opposing a bill cycling through ...

Published:  Wed, 14 Feb 2018 00:22:00 GMT



Payday Loans Are Catching the Eye of Regulators: Will These Stocks Benefit

Hoyes Michalos & Associates, a Toronto-based insolvency trustee firm, released a report stating that 31% of insolvent borrowers used payday loans in 2017, up from 27% of insolvent borrowers who used the service in 2016. The Province of Ontario capped ...

Published:  Fri, 16 Feb 2018 09:48:00 GMT



Lafayette bishop: Payday loan bill is unjust, targets the desperate

I join with numerous religious leaders, representing a mulititude of faiths, in Indiana and Kentucky, who have joined forces to express our objection to Indiana House Bill 1319, which opens doors for lending practices that are unjust and take unfair ...

Published:  Fri, 16 Feb 2018 14:13:00 GMT



New payday loan bill could save the industry. Or make it more profitable.

TALLAHASSEE -- For critics of payday lenders, a bill in the Legislature that would result in bigger loans and higher fees is a gift to a predatory industry. At a glance, they might be right. Floridians, mostly in poor neighborhoods, took out a staggering 7 ...

Published:  Mon, 05 Feb 2018 08:50:00 GMT



Ferraris, homes, jewelry in play in KC payday loan case as judge seeks $3.5 billion

A federal judge appears likely to enter a forfeiture order of $3.5 billion against convicted felon Scott Tucker of Leawood, Kan., as part of his sentence for his illegal payday lending scheme. A preliminary order entered late Tuesday by U.S. District Court ...

Published:  Wed, 14 Feb 2018 07:14:00 GMT



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