Tag Archives: PaydayLoans

How to Reclaim Money from Loan Scammers

Several different types of loan scams exist that affect loans of all kinds. Whether you are taking out student loans, auto loans, mortgage loans, or taking on debt of any kind, be on the lookout for fraudulent loans. Some scams will steal your identity and money, while other illegal loans that are more difficult to detect use predatory loan tactics to cheat you out of money. 5 Things to Watch out for When Taking out a Loan Ignoring credit history: A lender that says, “we don’t care about your credit score,” or doesn’t disclose they will pull up your credit report before allowing you to borrow, is probably a loan scammer. Lender is not registered with the state: According to the Federal Trade Commission, lenders must register to do business in the state they are in. Checking the lender’s website should allow you to locate information connecting the lender to…
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5 Smart Alternatives to Payday Loans

Finding smart alternatives to payday loans can be a great way to avoid financial disaster down the road. These loan companies have spread across the country. They advertise quick and easy loans for customers with low incomes and bad credit, but what they don’t tell you is that they are financial predators. Many Americans live pay check to pay check, and someone who needs a quick loan to cover bills is likely to also struggle repaying loans with the insane interest rates these companies are charging. Many are forced to borrow money simply to get out of debt, which can create a toxic cycle that pushes borrowers deeper and deeper into financial trouble. It might seem like there are times when making a deal with a payday lender can be your only option, but the fact is that there are alternatives that are much better for your financial health. Let’s…
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This is How Payday Loans Can Completely Ruin Your Life

Payday loans may seem like a simple, quick solution to your financial struggles, because they allow you to easily borrow hundreds of dollars from online lenders without the need for long applications or waiting periods. However, they can send your life into a downward spiral. One Kansas City man learned all too well how easily a relatively small payday loan can turn everything upside down. The story of Elliot Clark is being told by advocates seeking to end predatory payday loan scams as an example, hoping that it will scare some potential borrowers away from short-term lenders. How Dangerous Are Payday Loans? Clark, a Vietnam vet, felt turning to payday lenders was his best option when his wife was forced to quit her job due to medical emergency. Since $22,000 in medical debt and the sudden loss of income had left Clark and his wife in a poor position, Clark…
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