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      April 22, 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.

Payday lender's collapse to hit borrowers

Hundreds of thousands of people who were mis-sold payday loans will receive a fraction of the compensation they are entitled to after a lender collapsed. WageDay Advance had given loans to about ...

Published:  Tue, 02 Apr 2019 21:47:00 GMT



Popular cash advance app Earnin operating in payday loan "gray area,' critics claim

AJ Smith knows all about folks owing money. After all, he's a debt collector in Las Vegas, the gambling capital of the world. So last March, when Smith downloaded Earnin, an app that fronts workers ...

Published:  Thu, 21 Mar 2019 19:43:00 GMT



Judge won't let Overland Park payday loan lawyer out of prison while he appeals case

Elliott J. Clark, 65, of Kansas City, MO, spent five years caught in the debt trap of payday loan interest when his wife's broken ankle began his high-interest cycle trap. By Tim Muir, an Overland ...

Published:  Thu, 28 Mar 2019 10:14:00 GMT



Payday Loans are Bad for Your Health, Study Says. Springfield Residents Share Stories

SPRINGFIELD, Mo. -According to a recent study, payday and car title loans can make you sick. Literally. Just ask Patricia Reynolds and Barbara Burgess. The two Springfield women say years of stress ...

Published:  Mon, 25 Mar 2019 05:10:00 GMT



Successful UK Payday Lender Western Circle Limited Begins Offering Personal Loans Online

LONDON--(BUSINESS WIRE)--Western Circle Limited has made a name for itself by offering responsible payday loans online. Their decision to branch out into the personal loans market through the new ...

Published:  Wed, 27 Mar 2019 22:13:00 GMT



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