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For many people in Dallas who have borrowed from payday loan lenders, repaying their debt takes most of their paycheck. You can take your paycheck back with installment loans from Blue Trust to get you out of your financial bind. Simply go online to apply for a loan at Blue Trust today and once approved, you can get the funds as soon as the next business day. These loans are a better alternative to payday loans, and they could get you back on track with your finances. Apply today!
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In 2014 several firms were reprimanded and required to pay compensation for illegal practices; Wonga.com for using letters untruthfully purporting to be from solicitors to demand payment—a formal police investigation for fraud was being considered in 2014—and Cash Genie, owned by multinational EZCorp, for a string of problems with the way it had imposed charges and collected money from borrowers who were in arrears.
Though you may not have a lot of extra time, a side gig could too be an option. Ideas include driving with a ride-share service like Uber, walking dogs, participating in research studies or even taking online surveys to earn more cash. If you find yourself regularly needing small amounts of money to last you through the week, consider exploring ongoing freelance opportunities in your area of expertise — Upwork and Fiverr are a few places to start.
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A 2009 study by University of Chicago Booth School of Business Professor Adair Morse found that in natural disaster areas where payday loans were readily available consumers fared better than those in disaster zones where payday lending was not present. Not only were fewer foreclosures recorded, but such categories as birth rate were not affected adversely by comparison. Moreover, Morse's study found that fewer people in areas served by payday lenders were treated for drug and alcohol addiction.
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Filing for personal bankruptcy may be an option if your debt is completely out of control, but keep in mind that it comes with some serious consequences. While bankruptcy may help you escape payday loans and other debts owed, it also means a huge blemish on your credit reports for up to 10 years in some cases. That can result in you being denied future credit, mortgages and other financial opportunities. It can even make things like auto insurance more expensive. That’s why it’s best to exhaust all other possible options before making this choice.
While having a co-signer can boost your chances of a loan with more favorable terms and rates, there are drawbacks. These include potentially damaging the personal relationship with the co-signer as well as their credit if you default on the loan. Co-signers and borrowers should understand the terms of the loan and repercussions before taking out a loan.
Some payday loan companies gather your personal information and then shop around for a lender. That means your information could go out to third parties as part of the lending process. Other companies will even sell contact information, leaving you dealing with sales calls and spam emails. LendUp protects customer information and will never sell it.
The main reason why payday loans are popular is because they’re ridiculously easy to qualify for, but signature loans are just as easy to qualify for. Just like payday loans, your credit score & history isn’t a major factor and your approval is based on your ability to pay back the loan. That’s one reason why they’re called signature loans, all you need to qualify is a signature.
In the more recent innovation of online payday loans, consumers complete the loan application online (or in some instances via fax, especially where documentation is required). The funds are then transferred by direct deposit to the borrower's account, and the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday.
If you’re falling short on your bills and just trying to make it paycheck to paycheck, a payday loan may be exactly what you’re looking for. A payday loan is a small principal, short-term loan that typically is paid back around the time of your next pay day. With Speedy Cash, we make receiving money when you need it a breeze with our fast application process, quick lending decision, and the opportunity to get your cash upon approval. Whether you apply online, in-store, or over the phone, we promise you’ll receive the same easy, fast and friendly service. Hit apply now to stay on top of your monthly expenses.
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Extended payment plans allow borrowers to pay back the loan in installments for a longer period than their original loan agreement. Setting up an extended payment plan involves contacting the payday lender to work out an arrangement. While setting up the plan doesn’t typically involve a fee, defaulting on the payment plan can come with fees and penalties.
A report from the Federal Reserve Bank of New York concluded that, "We ... test whether payday lending fits our definition of predatory. We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss a debt payment. Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory." The caveat to this is that with a term of under 30 days there are no payments, and the lender is more than willing to roll the loan over at the end of the period upon payment of another fee. The report goes on to note that payday loans are extremely expensive, and borrowers who take a payday loan are at a disadvantage in comparison to the lender, a reversal of the normal consumer lending information asymmetry, where the lender must underwrite the loan to assess creditworthiness.
U.S. News researched lenders for data on eligibility, loan terms, fees, repayment methods and additional features to identify the best companies offering bad credit personal loans. The analysis was limited to companies with online applications, no minimum FICO credit score or a minimum FICO score of 620 or less, and a maximum debt-to-income ratio of at least 40 percent, with preference for companies offering features including cosigners and online preapprovals.
With a title loan, the amount you qualify for depends on an assessment of your car’s value. Loans range from a few hundred dollars to $10,000. A standard title loan is due in full after 30 days. This includes the finance charge, which can be as much as $125 for a $500 loan – that means you’ll pay $625 total when the loan is due. According to the Pew Charitable Trust, the average APR on title loans is around 300%.