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      February 18, 2020

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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.

Tension driven by calls to reform payday loan industry reach Capitol

Percy Mayfield gave up his small business and moved back to Topeka in 2016 to be closer to family after a divorce. He began working for a car dealership, and due to his fluctuating income, eventually ...

Published:  Mon, 17 Feb 2020 11:28:00 GMT



Protect consumers from payday loans

These protections have specifically guarded consumers against the predatory payday loan industry, preventing triple-digit interest rates. Data from the Consumer Financial Protection Bureau (CFPB) ...

Published:  Sat, 15 Feb 2020 17:15:00 GMT



Catholics leaders in US call for nationwide limit on payday loan interest

Washington D.C., Feb 13, 2020 / 07:01 pm (CNA).- Catholics in the US are pushing for a national, bipartisan bill that would limit the interest rate on payday and car title loans. "Payday lending is ...

Published:  Thu, 13 Feb 2020 18:15:00 GMT



Senate committee votes down payday loan restrictions

MONTGOMERY, Ala. (AP) - An Alabama Senate committee on Wednesday voted down a proposal to give payday lending customers longer to repay their loans. The Senate Banking and Insurance Committee voted ...

Published:  Wed, 12 Feb 2020 16:00:00 GMT



David W. Kreutzer column: Payday loans vs. magic wands

Wishful thinking solves no problems. Instead, laws and policies based on wishful thinking create problems, usually for the people the policies are intended to help. A Virginia delegate's ...

Published:  Wed, 05 Feb 2020 15:46:00 GMT



Martin Lewis: Payday loans - check now if you can reclaim £1000s

Mis-sold Wonga customers have been legally robbed. Over 350,000 former Wonga customers, who were mis-sold payday loans, have received letters telling them they'll receive a paltry 4.3 per cent ...

Published:  Fri, 14 Feb 2020 22:28:00 GMT



Money Saving Expert Martin Lewis reveals how you could reclaim thousands from mis-sold payday loans

The financial guru appeared on This Morning to talk payday loans and why people need to act now if they think they have been mis-sold one.

Published:  Mon, 10 Feb 2020 03:54:00 GMT



Martin Lewis urges borrowers to act now as he reveals how you could reclaim hundreds

Last week, more than 350,000 former Wonga customers, who had been mis-sold payday loans, heard they'll receive just 4.3 percent of what they were owed, after the firm went into administration.

Published:  Mon, 10 Feb 2020 02:48:00 GMT



Committee votes down Orr bill restricting payday loans

MONTGOMERY - An Alabama Senate committee on Wednesday voted down a proposal by a Decatur lawmaker to give payday lending customers longer to repay their loans. Lawmakers voted 8-6 against the ...

Published:  Wed, 12 Feb 2020 22:40:00 GMT



TSB to launch short term loans to help customers who dip into overdrafts or use payday loans

TSB borrowers will be able to take out short-term loans from the bank in future, as it plans to offer an alternative to payday lenders, loan sharks, and overdrafts. The bank has revealed it's ...

Published:  Tue, 04 Feb 2020 07:33:00 GMT



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