Month: February 2020

The Good, the Bad and the Ugly of Payday Loans and Quick Money

LOUISVILLE, Ky. (WAVE) – If you can’t make ends meet and need cash fast, many people turn to a loan to make amends for their financial woe. The simple truth is that many people cannot qualify for traditional loans because they are not making enough money or have poor credit. With few options for getting […]

People arrested after falling behind on payday loans

You will find the words in the Utah constitution: “No debt imprisonment. “ And yet, more than 3,000 people in the state received arrest warrants resulting from an unpaid loan between September 2017 and September 2018, according to to a new payday loan report from the Consumer Federation of America. “People definitely go to jail,” […]

Payday loans: Dickensian system sends borrowers to jail, group says

Payday loans provide a way for workers to get money quickly. What might surprise many borrowers: falling behind in repaying these loans can land them in court – and even behind bars. The problem stems from a clause in payday loan contracts, as well as oddities in the US legal system. Over 99% of in-store […]

Interest rate caps on payday loans lead to increased debt and defaults

February 17, 2020 TO the casual observer, the activity of lending to poor and uninformed people at exorbitant interest rates seems inherently predatory. But payday loans, as they are commonly called, are more complicated than they first appear. On the one hand, these loans are rarely repaid all at once. Most are rolled over into […]

Personal loan: Everything you need to know

Personal loans can be helpful, but it’s important to understand how they work. (iStock) Personal loans can be useful for meeting a variety of financial needs when using a credit card or paying cash is not an option. A personal loan is a type of installment loan, which means that as you make payments, the […]

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