Why Do Payday Loans Get a Bad Rap?

With big, bright signs offering quick cash, storefronts for payday loans are hard to miss. But while they may offer plenty of promises for easy financial help, there’s more to them than meets the eye.  Before you go down the financial rabbit hole payday loans can create, there are some things you may want to … Read more

I Don’t Get Much From Social Security and Can’t Afford Payday Loans

Senior Female Laptop

Question: Dear Steve, I’m on Social Security. I get only $579.00 a month. I have 2 payday loans, $657.00 & $557.00 I can afford to keep paying the interest of $147.00 & $95.00 each month cause I’m able to pay anything toward the Principal. I need some kind of help. What is your charge to … Read more

I Don’t Want to Pay TitleMax Anymore On This Title Loan

Title Loan Abandoned Car

Question: Dear Steve, TitleMax loan 10/2019 for $1100. After the full amount payments of 180.00 for 23 months. I will have paid nearly $4300.00 back. I’ve never been late on any payments. This is the 3rd loan I have got through them also. All payments were always on time and never went into default. My … Read more

Do I Have to Payback a Loan if the Lender is Not Licensed?

Question: Dear Steve, I have about $110k in debt ($22k on two cars, $88k in various credit card/unsecured debt). Some of my creditors are online short-term/payday loans. I have heard that such loans may or may not be illegal, because the creditors are not licensed in my state (Texas). If a lender is not licensed … Read more

ACE Cash Express Left Me Stuck With My Car

Title Loan Abandoned Car

Question: Dear Steve, In 2012 I got a title loan and I couldn’t pay the loan back within 30 days. ACE told me I had 5 days to have their money at their office or they would pick up the car. I told them to come and get they never did. They sold my account … Read more

It’s Your Own Damn Fault if You Get Screwed Over by Payday Loans the CFPB Seems to Signal

The Consumer Financial Protection Bureau (CFPB) is rolling back protections for consumers that payday lenders needed to first make sure the expensive loans they were selling could be afforded by the consumer. As it stands now, payday lenders will have a much easier time selling mathematically unaffordable loans and setting consumers up for failure. The … Read more

I Feel Like I’ve Paid Enough on This Auto Title Loan

Question: Dear Steve, March 2019, I took out a car title loan for $5,800. I paid $1,000 towards the principle and approximately $4,395 in interest (5% interest, $293 per month interest. I am a Lyft driver and the interest payment is so high for me that I have only made interest payments. I am at … Read more

Cash Store Maybe Learns a Lesson. About Doing Bad Things

The Consumer Financial Protection Bureau (Bureau) announced a settlement with Cottonwood Financial, Ltd., which does business under the name Cash Store. Cash Store is based in Irving, Texas and owns and operates roughly 340 retail lending outlets in Idaho, Illinois, Michigan, New Mexico, Texas, Utah, and Wisconsin. The Bureau found that in the course of … Read more

How Do I Get First Choice Advocacy to Stop Contacting Me?

Question: Dear Steve, I have 2 payday loans, one I revoked and they charged the loan off supposedly. They continued to send in requests to my bank even when the dates weren’t authorized. The bank put a stop pay but they keep trying. I know I shouldn’t have even contacted these payday loan lenders, but … Read more

They Loan You Money. Then They Get A Warrant For Your Arrest.

Cecila Avila was finishing a work shift at a Walmart. David Gordon was at church. Darrell Reese was watching his granddaughter at home. Jessica Albritton had pulled into the parking lot at her job, where she packed and shipped bike parts. All four were arrested by an armed constable, handcuffed and booked into jail. They … Read more

Is It Now Open Season on Consumers With Subprime Loans Thanks to the Government?

The brainiac Adam Levitin at Credit Slips just posted an update with if it comes to become a formal policy, will expose all consumers to the very excessive subprime interest rates that they are protected from now in many states. Levitin writes, “The Trump administration has just proposed a rule that declares open season on … Read more

How Do I Get My Title Back from Title Loan Company After Bankruptcy?

Question: Dear Steve, We had a title loan at TitleMax on a 2005 Olds Alero. We filed bankruptcy & it was discharged. We need the title so we can get rid of the car. John Answer: Dear John, First, let me be 100 percent clear, I am not an attorney. I can’t give you legal … Read more