You need cash to pay an important bill, and you haven’t got it. What do you do? Many Americans turn to payday loans to fill this gap, even though the interest rates are staggering – an average of nearly 400% APR. A recent survey by CNBC Make It and Morning Consult found that all generations
There’s a lot of financial advice out there, from the Wall Street Journal to podcasts to your brother-in-law’s stock tips to “A penny saved is a penny earned.” The infographic above, developed in collaboration with the Common Cents Lab at Duke University, shows six simple steps to get your finances on sound footing.
Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full
You’re in a cash-flow crunch again. An important bill is due, and you’ve earned the money to pay that bill – but it’s not payday yet. You’re on a two-week pay cycle and have to wait for another week or so before your money is available. What are your options? Ask a friend or relative
Are you counting on your tax refund to pay off bills? You may need the cash before your refund arrives. The IRS website states that typical refunds take less than 21 calendar days if you e-filed your return. However, if you are claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit
Where do lower-income Americans turn when faced with immediate bills and no money with which to pay them? Most turn to the payday loan industry, which offers short-term loans in exchange for fees and high interest rates. These loans are generally $500 or less and are called “payday” loans because the borrower is expected to
By Tonya Rapley Debt is killing us! It’s one of the main reasons I started a community movement to #BanishTheBalance. Over 60 incredible days, more than 4,000 participants paid off more than $200,000 worth of debt. The success of the movement led to a free e-course (you can sign up here) and is open to
In May, after calls for tighter payday loan regulations and fines levied against companies for deceptive practices, Google banned all payday loans from its search results. The ban went into effect on July 20, but more than two months later, the ban appears to have had little effect. Ads for payday loans and other high-interest
Federal Chief Judge Gloria Navarro has ordered Scott Tucker and the payday loan companies he owns, including Level 5 Motorsports LLC and AMG Capital Management LLC, to pay the Federal Trade Commission $1.27 billion for misleading customers. Tucker’s companies routinely deceived those seeking payday loans, stating that they would pay a much lower finance charge.
There have been lots of not-so-nice adjectives directed at the payday loan industry. Add “sinful” to the list, according to a 2016 survey from LifeWay Research sponsored by Faith for Just Lending. The study included 1,000 respondents across thirty states who indicated a Christian religious preference. The majority of the states were chosen based on
The Consumer Financial Protection Bureau has announced a new proposal to target bad payday lending practices that can trap customers in unsustainable long-term debt. The proposals would extend consumer protection to various kinds of short-term or cash loans including auto-title loans, payday loans, and some installment loans, requiring lenders to make more efforts to establish
Google has announced that on July 13, their search engine will ban all ads related to payday loans. These loans often have triple digit interest rates and the search engine company has added them to its list of dangerous products, for which it will not run advertisements. This announcement comes less than a month before
Borrowers in need of assistance between paychecks often look to various types of payday loans. One of these types of loans is called a single-payment loan, and it is secured with the borrower’s auto title. However, as with all payday loans, this type of loan often had unexpected consequences that went along with it. According
When a borrower applies for a mortgage, the lender looks at both secured and unsecured lines of credit. With secured credit, they are taking less of a gamble – they can seize the asset associated with the credit. Mortgages and auto loans are both secured, while debt such as credit card loans and student loans
The Consumer Financial Protection Bureau (CFPB) will release new regulations aimed at the payday loan industry in the spring, the agency announced in January. These regulations will help to reduce consumer abuse. Research by Pew Charitable Trusts shows that 12 million people make use of payday loans every year, with the fees on these loans
APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn. APR and APY are financial acronyms, short for Annual Percentage