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Category Archives: Pay Day Loans

How Payday Lenders Thrive Off Your Misery

Since the housing crisis of 2008, the term “predatory lending” has become very familiar to American consumers. A predatory lender is someone who exploits consumers’ financial difficulties to trap them into loans that benefit the lender much more than the borrower. The telltale signs of a predatory loan are easy qualification standards and ultra-high interest… Read More »

How Millennials Are Getting Hooked on Payday Loans and Pawnshops

According to a joint study by Pricewaterhouse Coopers, or PwC, and George Washington University, 28 percent of college-educated millennials (ages 23–35) have used payday loans and pawn shops to secure short-term financing over the last five years. As reported in a January 7 article from Reuters, these millennials defy the stereotype of the alternate credit… Read More »

Debt Collector Scams Targeting Payday Loan Borrowers

There’s a new reason to be stressed about phone calls from debt collectors: a growing number of debtors are being scammed into paying off debts they don’t owe by phantom debt collection agencies. Thousands of Americans have reported receiving calls from fake debt collectors, according to the Federal Trade Commission. In response, the FTC has… Read More »

Payday Loan Reforms: New Illinois Laws Encourage Fair Deals

Payday loans are short term loans – with terms ending in less than 120 days – that offer consumers quick cash to pay off bills.  Companies that make payday loans usually target people who are already in very difficult financial situations. Senior citizens and others with limited income, such as pensions or social security, and… Read More »