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      October 14, 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.

Google bans predatory payday loan apps from the Play Store

The Wall Street Journal has learned that Google recently banned Play Store apps with "deceptive or harmful" personal loans where the annual percentage rate is 36 percent or higher, such as many payday ...

Published:  Sat, 12 Oct 2019 15:49:00 GMT



Google Shuts Out Payday Loans With App Store Ban

WASHINGTON-Google has barred high-interest consumer loan services from its app store, limiting payday lenders' access to customers. The tech giant recently prohibited apps from offering personal loans ...

Published:  Sat, 12 Oct 2019 12:07:00 GMT



Congress should cap interest on payday loans

He indicates that "consumers who turn to small-dollar lenders for high-interest loans are making well-informed choices for their personal financial well-being." I couldn't disagree more, based on my ...

Published:  Fri, 11 Oct 2019 13:43:00 GMT



Payday Loans Can Only Hurt Your Credit Score

Bills are due, and you're out of money. You're considering a payday loan to plug the gap in your cash flow. You think you can use the payday loan responsibly and use it to build up your credit score.

Published:  Wed, 09 Oct 2019 07:00:00 GMT



5 Ways You Can Use a Payday Loan for Your Small Business

Luckily, there exist quick financing options like payday loans that you can utilize to cover unexpected costs. Here are five ways you can use a payday loan when you are the owner of your small ...

Published:  Thu, 10 Oct 2019 10:11:00 GMT



Faith leaders voice concerns over payday and title loan businesses in Henrico

HENRICO COUNTY, Va. (WRIC) - Several faith leaders in the area are calling on lawmakers to strengthen consumer protection laws when it comes to payday and title loan businesses across the state. They ...

Published:  Fri, 11 Oct 2019 15:19:00 GMT



4 Alternatives to Consider Before Taking a Payday Loan

It's surprisingly easy to land in a spot where a payday loan might seem like the only way out. Imagine you're halfway to payday when disaster strikes. Your car breaks down, your mother-in-law moves in ...

Published:  Sat, 28 Sep 2019 03:08:00 GMT



Our Opinion: The steep cost of payday loans in Indiana

They were allowed to do so thanks to a 2002 exemption that legislators carved out for short-term loans. In total, payday lenders cost Hoosiers an estimated $322 million in finance charges over the ...

Published:  Sun, 22 Sep 2019 03:16:00 GMT



The new payday loan law is better, but the hardship remains: Interest rates still high

The new payday loan law is better, but the hardship remains: Interest rates still high Most payday loans customers are poor but paying 590% interest isn't helping to alleviate the financial pain Check ...

Published:  Wed, 18 Sep 2019 03:45:00 GMT



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