By Charlene Crowell Senior Fellow with the Center for Responsible Lending For the foreseeable future, ‘normal’ life will be indefinitely suspended due to the global pandemic known as the coronavirus. Record-breaking employment layoffs in the month of March resulted in the Department of Labor reporting that 10.4 million consumers lost their jobs and filed for… [Read More]
Payday Loans Archives
COVID-19 financial warning: Consumers and banks should stay away from Payday Loan Stores
April 9, 2020How payday loans work – biggest dangers and 14 better alternatives (final)
August 8, 201914. Borrow from your 401k Borrowing from your retirement plan is different from making a withdrawal. If you have $50,000 in your plan and you withdraw $5,000, your balance drops to $45,000. The other $5,000 goes into your pocket, you pay taxes on it, and you don’t have to pay it back. When you take… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part six)
August 1, 2019
Loan alternatives 10. Use online lenders If you can’t get a loan from your local bank, try looking online. Many web-based lenders offer small, short-term loans, even for borrowers with poor credit. Some sites to check include: MyCashBorrow: This website is not a lender, but it helps low-income borrowers find loans. When you fill out… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part five)
July 25, 2019Clearing up debts If you can’t get an advance from your boss, you can do the same thing through an app called Activehours. You just send in a picture of your time sheet to show how many hours you’ve worked. The company deposits your pay for those hours into your bank account, up to a… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part 5)
July 18, 2019
In some cases, creditors will accept a lump-sum payment for just a part of what you owe. In other cases, they’ll work out a payment plan with you so you can make repayments bit by bit. Then you can use the money you save on these bills to cover other expenses that are more urgent…. [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part 4)
July 11, 2019
According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis. Alternatives… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part 3)
July 4, 2019According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis. Laws… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part 2)
June 27, 2019
Part II: Who uses payday loans and what are their dangers? According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as… [Read More]
How payday loans work – biggest dangers and 14 better alternatives (part 1)
June 20, 2019
Part I: What is the industry and how does it work? According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as… [Read More]
