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As pandemic spreads, organizations offer alternatives to payday loan cycle – FOX13 News Memphis

MEMPHIS, Tenn. – Tens of millions of people continue to struggle as the pandemic spreads and many are among the millions of Americans who are turning to payday advances to try to make ends meet. They offer quick cash, but their easy access buries debtors in a cycle that some cannot escape. MORE: FOX13 investigates: MPD’s internal affairs investigations of ...

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Illinois Adopts Hard Payday Limits As Other States Shut Down

Illinois has joined the growing number of states that have limited high-cost payday loans, but it’s taken a different path to get there: state house. Illinois Governor JB Pritzker (D) signed a law on March 23 that caps interest rates on payday loans, auto title loans and installment loans at 36%. Similar efforts in other states, most recently in the ...

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What happens when you can’t pay off a payday loan?

A default on a payday loan can result in bank overdraft charges, collection calls, damage to your credit scores, a day in court, and garnishment of your paycheck. Don’t think that it can’t happen because you only borrowed $ 300. “If you have a valid, binding legal agreement to pay off that debt, and you’re in a state where they ...

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This Legislation Could End Illinois Payday Loan Industry | Chicago News

Kesha Warren needed a short-term cash injection of $ 1,250 to cover the salary costs of her small janitorial services business. In 2019, she took out an auto title loan, a short-term loan that uses the borrower’s vehicle as collateral. She says she has been cut off from more traditional bank loans. “No one wants to lend to someone who ...

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Londoner speaks out on agony of payday loans as campaigners call for crackdown

Breadcrumb Links Local News When Betty Morrison moved to London, she was trying to escape a payday loan that she couldn’t afford to pay off. Author of the article: Megan Stacey Release date : February 21, 2021 • February 22, 2021 • 3 minutes to read • 151 reviews Betty Morrison for an article on Megan Stacey’s payday loans in ...

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SoLo Funds is a payday loan alternative with bigger plans

Travis Holoway, CEO and co-founder of SoLo Funds, says his startup isn’t just a quick way to take out a small, short-term loan. It’s the start of something bigger. The startup, which raised $ 10 million in a Series A funding round last week, offers an app where users can lend money to each other. Borrowers typically give their lenders ...

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Can I apply for a payday loan if I am unemployed?

It has been difficult for many people, especially the unemployed, to access personal loans, mainly because lenders viewed the unemployed applicant as a possible liability. Today, the situation is different because many lenders have developed loan products suitable for the unemployed. Just like employed people, non-employees can apply for payday loans and get approvals in the shortest time possible. If ...

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Watchdog agency to tackle military payday loan scams once again

The new leadership of the Consumer Financial Protection Bureau, or CFPB, has pledged to reject the Trump administration’s “relaxed approach” and resume targeting of payday loan scams that trap troops in endless cycles of indebtedness. Acting director Dave Uejio said on Thursday that the watchdog agency “would reverse policies of the last administration that weakened enforcement and oversight” of business ...

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