fbpx

ACE Cash Express Sued by CFPB for Screwing Over Consumers

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit today accusing payday lender ACE Cash Express of concealing free repayment plans from struggling borrowers. Because of ACE’s illegal practices, individual borrowers paid hundreds or thousands of dollars in reborrowing fees, when they were in fact eligible for free repayment plans. These practices generated at least …

Read more

Payday Loan Borrowers Still Getting Shafted With Fees

A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans, borrowers continue to pay for costly loan …

Read more

I Am Swimming in Payday Loans and Drowning

Question: Dear Steve, I am swimming in payday loans, unsecured debt and I’m not going to make it. I am seriously considering going bankrupt, but I’m not sure that’s the best choice. I truly need your assistance Can I get out of debt? I have about 4000 dollars in payday loans and am making payments …

Read more

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

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