Payday Loans Questions

A pin on a smartphone
Aug, 29, 2012
Retail lending stores and online lenders offer no fax payday loans to borrowers across the country. However, prior to the internet’s rise there was another type of payday lender. Fax payday lenders were the lenders of choice in the past. Believe it or not, prospective borrowers could send the financial documents necessary to borrow money over phone lines through fax machines to lenders. Now that the age of the fax machine is practically gone, far more efficient and reliable channels for prospective borrowers looking for payday loans are available.
Clock with question mark
Aug, 14, 2012
Short-term loans (also known as short-term financing or payday loans) are unsecured financing carrying high interest that typically must be repaid within several weeks. The high interest on short-term loans is a result of the risk posed to lenders. Short-term lenders face risk since they typically lend to anybody with a steady income and checking account, regardless of credit. As a result, short-term loans are usually one of the few forms of lending available to borrowers with bad credit.
Debt collection scammer
Aug, 13, 2012
If you are victim of a payday loan scam, hang up immediately and do not call back. Oftentimes, particularly amongst those who actually do have outstanding payday loans, borrowers feels pressured to call these cash advance scammers back because a series of “what if” thoughts fly through their head: What if that caller wasn’t a scammer? What if I get in more trouble? What if I go to jail? To put those thoughts to rest, let’s go over how borrowers can identify the answers to each of those worrisome questions. Identifying a Payday Loan Scam
Shopping cart with cash
Aug, 6, 2012
Thanks to their legal advantages as Native Americans, Indian tribes have joined the ranks of online payday lenders in order to acquire profits. Online payday loans are simple cash advance loans that are lent online. These payday loans are usually lent indiscriminately, and come in small amounts of only a few hundred dollars.
Credit cards broken
Jul, 23, 2012
Payday loans can be used for anything, including paying off credit card debt.
Rolling dollars
Jul, 12, 2012
For those who have taken out a payday loan only to find themselves without money come the end of their two-week term, a common tactic is to repay the original fee and extend their financing by two more weeks. That’s a rollover: extending an instant loan by either paying a fee for another two weeks, or by taking out a brand new instant loan to cover the cost of the previous one.
Two business men coming together
Jul, 6, 2012
While many payday loan lenders and other untraditional lending sources were fearful when the Consumer Financial Protection Bureau (CFPB) was created, the CFPB has demonstrated a surprisingly large amount of impartiality and fairness in oversight of the cash loan industry.
Pawn shop sign in glowing neon
Jul, 5, 2012
Pawn loans and cash loans are very different types of financing. For starters, a pawn loan is a secured loan. When pawning, a borrower will hand over a valuable asset. Due to the open nature of pawning, this asset can be almost any item that has value. Examples of items that can carry value are jewelry, electronics, antiques, vehicles, and memorabilia. A pawn shop will loan a borrower money equal to a fraction of the collateral's value. This type of financing will accrue interest until the borrower returns to repay the loan and its interest—at which point the borrower would be given back his item used as collateral.
Soldier with arms crossed
Jun, 27, 2012
Believe it or not, the military forces our service members to repay their debts—and lenders know that. The military actually punishes personnel for nonpayment, and delinquent personnel can be punished with loss of security clearance, demotion, and even discharge in some situations. These threats, in addition to the universal threats of credit score damage and late fees, pressure military borrowers with stress and frustration as they attempt to repay high interest payday loans.
Globe map of the United States
Jun, 14, 2012
In most cases, it is legal to seek out-of-state payday loans. However, while some states have very relaxed laws concerning short-term lending, borrowers should be aware that some states heavily regulate or outright ban payday loans at payday loan retail stores altogether. Generally speaking, there are few laws that prevent individuals from seeking loans that are offered by lenders in another state. States that ban payday loan retail outlets within their borders do not currently ban the obtaining of a payday loan online or the in-person obtaining of a payday loan in another state.