Payday lenders seem to be everywhere, promising borrowers quick cash for a fee. While the fees are seemingly small at about $10 to $30 for every $100 borrowed, the costs can add up when borrowers roll over loans from one pay period to the next, resulting in an effective interest rate of 200%, 300% or more. And unfortunately, four out of five payday borrowers roll over their loans, according to the Consumer Financial Protection Bureau.
Payday lenders often target borrowers with bad or nonexistent credit who have limited borrowing options. However, there are an increasing number of options for borrowers with poor credit.
To showcase some options, NerdWallet...
Reminder That You Have It
Maybe you’ve sworn off that particular credit card. You cut it up or stuffed it in the back of your dresser in case you absolutely needed it. That was two years ago and you’ve all but forgotten it was there. Credit card issuers are no strangers to human behavior. They know that putting a shiny, new card in front of you may entice you make a few binge purchases you wouldn’t have otherwise.
(Hint: If you swore off using your credit cards, dont rush to go shopping now.)
The Bottom Line
Card issuers have a method to their madness. First and most important, they want to cut down on fraud as much as possible. After that, it’s...
First-time home buyers saving for a deposit will be given a 25 per cent financial top up from the Government, George Osborne announced today, in a give-away election budget designed to outflank Labour.
The Iowa Finance Authority today announced that eligible first-time Iowa home buyers are eligible for a federal income tax break of up to $2,000 per year for the life of their mortgage. Approximately 400 Iowa home buyers are expected to benefit from the program, available through a network of lenders. The amount of the tax credit for the 2015 program is set at 50 percent of the mortgage interest paid, up to a maximum of $2,000 per year, for up to 30 years. The remaining mortgage interest may be taken as a deduction from taxable income if the home buyer itemizes. Eligibility for theTake Credit Programrequires home buyers to meet household income and purchase price limitations and meet the definition...
Senate Minority Leader Sharon Nelson speaks during a debate on a measure to revamp rules surrounding payday loans, Tuesday, March, 10, 2015, in Olympia, Wash. Nelson, a Democrat from Maury Island, opposed the measure, saying it will hurt consumers. (AP Photo/Rachel La Corte)
Last month they were eventually evicted from their home. The couple drove to Warrington, so they would be near Victorias work, but when they approached Warrington Council for help with accommodation, they were told they were not a high enough priority for emergency accommodation.
It has now been a month since they had somewhere to call home, and all the time, their payday loans are becoming a bigger and bigger mountain to climb. The couple said they didnt think twice about getting a payday loan, because it seemed like an easy way to get hold of money. However, they wish theyd never done it.
The ease with which people can build up unmanageable payday loans...
In Dallas Jubilee Park neighborhood, some residents rely on payday and car title loans when they dont have enough money to make ends meet.
Plans aimed at curbing the number of repossessions will force banks to justify using their veto over State-backed insolvency deals.
The Government is considering forcing banks, who are initiating almost 1,000 legal actions a month, to go through an appeals process if they use the veto.
Also being considered is the scrapping of the tax charged on insolvency deals.
The proposals are being drawn up by the Government and insolvency experts in a bid to help combat fears of mass repossessions. Court lists are currently clogged.
Many of these cases are likely to end up as evictions just as an election is called next year.
In less than one hour yesterday, 18 people...
“The ECB is providing a way out for banks that two or
three years ago didn’t think they would be able to sell their
ABS portfolios at reasonable levels,” said Dipesh Mehta, a
director of securitization research at Barclays Plc in London.
“It’s also helping banks free up their balance sheets, which
was one of the goals of the ECB because it allows the banks to
Average prices for bonds secured by assets ranging from
Dutch mortgages to Spanish small business loans is at 98.2 cents
on the euro, near the highest since October 2007, according to
data compiled by Barclays. They were quoted...
A couple who racked up thousands of pounds in debts with payday loan firms were evicted from their home and have been sleeping rough in their Ford Focus, it was revealed today.
For the past two months Philip and Victoria Sherlock have been bedding down overnight in their old car, with their worldly belongings in its boot, on an industrial estate in Warrington, Cheshire.
Times have become so tough they celebrated their wedding anniversary by sharing a Twix chocolate bar.
The desperate pair borrowed £830 from lenders to try and cover their rent after Mr Sherlock, a self-employed landscape gardener, was forced to stop working through ill health in October.