There are many reasons people go to high risk, short term lenders. Sometimes it is the only place to get the money. Sometimes they dont have a bank account or dont have access to other money. But do you know…
Posts Tagged With: payday loan
California Debt Blog: Most Payday Lenders Do NOT Have To Follow Debt Collection Laws
You did not read that wrong. Most payday lenders do NOT have to follow federal debt collection laws. How is that possible? The Federal Fair Debt Collection Practices Act (“FDCPA”) only applies to third party debt collectors. Since most of…
California Debt Blog: Watch out for high interest rates
Did you know that some payday lenders, cash advance companies or short term lenders, including title lenders, charge 90% interest for a loan to be repaid over several years? However, that can be on the low end. Some lenders have…
California Debt Blog: Don’t get stuck in the short term debt cycle
Okay, so this may seem weird. What do I mean don’t get stuck in the short term debt cycle? Short term debt is what many people think of as payday loans or high interest rate loans. Sometimes the loan is…
California Debt Blog: Debts Canceled by Bankruptcy Still Mar Consumer Credit Scores
This is a scary story from the New York Times. You think zombies are just on bad tv shows and in movies. But it turns out, that there are zombies in real life: zombie debts, at least. Here is the…
California Debt Blog: Phony payday debt collectors are back
So it looks like the phony payday debt collectors are back. Don’t confuse debt collectors with these folks. I may not like debt collectors, but even the worst US debt collectors don’t do stuff like these people. Collectors like Persolve…
California Debt Blog: 4 More Concerns about Short Term (Payday) Loans
Last week’s post received such a response that I thought I would share more concerns about payday loans. These short term loans look like a good solution for some people, but for over 90% of the population, they are a…
California Debt Blog: 4 Concerns about Short Term (Payday) Loans
I just helped a woman with a payday loan. The interest rate was 180%. Her payments were going to total over $9,000 in this loan from California Check Cashing, LLC. Her $2500 loan was going to cost her $10,000 when…
California Debt Blog: Break the Payday Loan Cycle
I have had a few people calling me lately with the same issue: they took out a payday loan and they did not pay it back. Now, they are being harassed by a debt collector and they want to take…