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Tag Archives: payday loan

How Payday Lenders Fight to Stay Legal

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by Paul Kiel ProPublica, Aug. 2, 2013, 9 a.m. A version of this story was co-published with the St. Louis Post-Dispatch. As the Rev. Susan McCann stood outside a public library in Springfield, Mo., last year, she did her best to persuade passers-by to sign an initiative to ban high-cost payday loans. But it was difficult to keep her composure, ... Read More »

Perpetuating Poverty: Exploitative Businesses, the Urban Poor, and the Failure of Liberal Reform

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Here is a new paper out that may be of interest to all who want to know more about rent-to-own, payday lending and the title loan business. David Papke from the Marquette University Law School is to be commended for this paper. “This article scrutinizes the rent-to-own, payday lending, and title pawn businesses – all of which target and exploit ... Read More »

Payday Loan Reality: What It Is, What It Does, and Who Falls in the Trap

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The kind folks over at Pew Trust did a great series on payday loans to help make them more understandable. The videos help to explain the pros and cons of payday loans and why they can be helpful for some and incredibly expensive for most. The payday loan issue is another one of those situations where when used appropriately it ... Read More »

How Installment Lenders Put Borrowers in a World of Hurt

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by Paul Kiel ProPublica This story was co-produced with Marketplace. Listen to their coverage. One day late last year, Katrina Sutton stood at a gas pump outside Atlanta and swiped her debit card. Insufficient funds. But that couldn’t be. She’d been careful to wait until her $270 paycheck from Walmart had hit her account. The money wasn’t there? It was ... Read More »

I Got a Payday Loan I Can’t Pay Off. – Christopher

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“Dear Steve, i lost my job so i got a payday loan for $300 dollars, they put $1000 in my bank account and i can’t pay that all at once. they told me i can pay in payments but they will charge me a refinace charge of $100 on top of my $50 pay down option every 2 weeks is ... Read More »

SMS Loans. Turning Your Mobile Phone Into a 800 Percent Interest Rate Debt.

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If you thought payday loans might be a problem, abused, and be too readily available to those that can least afford it, then you need to learn about SMS loans or text message loans. A SMS is a text message sent from a cellular or mobile phone. In some parts of the world, consumers can enter into payday loans just ... Read More »

Buried in Payday Loans. What Are Our Options With Poor Credit? – Jaime

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“Dear Steve, My husband and I are currently buried in 4 different payday loans which is costing us over $1200/month. The sick part is…without these ridiculous payments we would be doing just fine. It is so frustrating that we allowed ourselves to get into the situation in the first place. I saw your advice about Lending Club and wanted to ... Read More »

I’m Sad Desperate, Totally Confused and Drowning in Payday Loans

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“Dear Steve, I came up short on a bill and needed immediate help to cover the payment. Someone suggested that I apply for a payday loan to cover the bill. I applied for a loan and of course I was approved. That helped the immediate problem, but what happened further down the road is the real issue. I have continued ... Read More »

Sad Findings Show Americans Suck at Managing Their Money. 1 in 3 Have No Savings Account.

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The Federal Deposit Insurance Commission (FDIC) recently released their latest findings on how people deal with managing their money. I’m not talking about high level issues like which mutual fund provides a better return, but like do you have a savings account. As a consumer debt expert the information is disturbing in two ways for me. First, I can visualize ... Read More »

You’re Getting Poorer. Why Debt is the Least of Your Concerns.

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New government data out from the Federal Reserve in their triannual survey of American families paints a bleak and dark picture of the state of finances of all of us. It’s no wonder why people are looking for less debt help these days. It seems they are financially down and out like they haven’t been in a couple of decades. ... Read More »

Need a Consolidation Program for Multiple Payday Loans in Default. – Kelly

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“Dear Steve, Steve, I currently have several online payday loans currently in default. I am wondering if their are any reputable payday loan consolidation programs available online? My credit is poor which prohibits me from taking out traditional loans to cover these debts. Thank You, Kelly” Don’t miss our free Get Out of Debt – “How To” Guide Series on ... Read More »

I Closed My Checking Account to Get The Payday Loan Companies to Negotiate With Me. – Michelle

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im in a mess with payday loans. i was going to work with progessive, but i read your response and decided not to involve myself with them. of course, it started with one and went from there. i also have had two deposits made to my account that i am positive that i did not apply for, but i cant ... Read More »

Native American Tribal Indian Payday Loans Found to Be Operating Illegally

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The Federal Trade Commission has taken action against a payday lending operation that allegedly piled on undisclosed and inflated fees, and collected on loans illegally by threatening borrowers with arrest and lawsuits. The FTC has asked a federal court to stop the allegedly illegal business tactics while the agency pursues its case against the defendants. Like other payday lenders in ... Read More »

Pay Day Loan Consolidation Advice

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I have several pay day loans and would like to know who I can go about consolidating them into one lower monthly payment. Anne Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here The Answer Dear ... Read More »

How do I get out of this payday loan cycle of doom. – Joe

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I live in CA. I took out 9 payday loans. I have been paying nothing but interest and finance fees. From what I understand, it is illegal to have more than one payday loan out at a time in CA. Does this negate my other 8 current loans? None of my lenders are in CA, they are all out of ... Read More »

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