Payday Loans
You're short on money and payday's around the corner. What's wrong with getting a few dollars now to tide you over? Plenty!
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Stay Away From Payday Lenders
For many people living on the edge, financial management is a constant battle between time and money: In any given month, is there "more month than money" or "more money than month?" Some turn to payday lenders. Read more.
Legal Loan Sharks
The payday loan business is a numbers game. And when the math is done, it's clear that the house always wins. The scheme is called a "payday loan" because a borrower is supposedly getting a cash advance on his next paycheck. The practice is also referred to as a cash advance or check advance. Read more.
Avoid These Money Drains
Too often, when you approach the entrance to a military base, you pass through a gauntlet of pawnshops, fast-food restaurants, payday-loan businesses, and liquor stores. Many of these businesses are bad for your financial health; others are bad for your physical health. Read more.
Internet Payday Loans Doubly Risky
Consumers who use Internet payday lenders already take on financial risk from exorbitant fees and interest rates, but a recent report on Internet payday lending points out another important danger: security risk. Read more.
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Avoid the Payday Debt Trap
The Center for Responsible Lending estimates that predatory payday lending costs American consumers $3.4 billion per year in excess fees. The payday lending business model is designed to cultivate repeat borrowers. You'd be wise to avoid the trap. Read more. Consumer Alert
"I just need enough cash to tide me over until payday." "GET CASH UNTIL PAYDAY! ... $100 OR MORE ... FAST." The ads are on the radio, television, the Internet, even in the mail. They refer to payday loans—which come at a very high price. Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed—say, for every $50 or $100 loaned. And, if you extend or "roll-over" the loan—say for another two weeks—you will pay the fees for each extension. Read Payday Loans = Costly Cash.
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