Payday Loans

A payday loan (also called a payday advance) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
Posts about Payday Loans
  • How Does Chapter 13 Bankruptcy Work?

    …. Unsecured debts are those debts with no collateral backing them up. Common examples include student loans, payday loans, medical debts and credit card debt. Some types of debts are labeled as “priority” claims. This usually means that those debts get special treatment in the case. A common example of a priority claim is a tax debt. Secured Debts Once your…

    Ed Woods/ Bond and Botes- 39 readers -
  • CFPB Proposes New Rule on Small Dollar Lending

    … In my last post, I wrote about Google’s change in its ad policy concerning payday lenders. As examined in that post, Google noted the harm these types of loans often cause for consumers. Google is not alone in recognizing the harmful effects of these loans. The U.S. Consumer Financial Protection Bureau (CFPB) has also been looking into the matter…

    Ed Woods/ Bond and Botes- 25 readers -
  • Google Changes Ad Policy Regarding Payday Lenders

    … On Wednesday, Google posted a blog on its Public Policy Blog entitled “An Update to Our AdWords Policy on Lending Products.” According to that post and effective July 13, 2016, Google will ban ads for payday loans and some related products from their ad systems. Google defines these loans as those where payment is due within sixty (60) days…

    Ed Woods/ Bond and Botes- 28 readers -
  • Are Payday Loans Legal in New York?

    … criminal usury. Because payday loans are illegal in New York, trying to collect on a payday loan is also illegal the state. Federal debt collection laws called the Fair Debt Collection Practices Act (FDCPA), regulates the collection of consumer debts. The FDCPA precludes third party debt collectors from using false, misleading, deceptive and harassing…

    The Law Offices of Robert J Nahoum- 28 readers -
  • Beware of New Bankruptcy Scam

    … have yet to have a client inform me that they received a scam call from my office, and hope that it never happens, the events in Vermont are a reminder that you can never be too careful. I constantly inform clients to immediately call our office when they are contacted by a creditor, especially after filing. A few clients who acquired payday loans…

    Joshua Lawhorn/ Bond and Botes- 33 readers -
  • Can You Be Thrown in Jail for Failing to Pay Creditors?

    … this issue. Many people find it difficult to make their debt payments whether it be for credit cards, medical bills, personal loans, payday loans, home, or cars. If the situation becomes too difficult most people will only pay the things that are the most important to them. When this starts to happen creditors will start calling if they fall…

    Grant Mcnutt/ Bond and Botes- 39 readers -
  • What You Should Know About Filing Bankruptcy in Alabama

    … in Montgomery, Dothan, or Opelika is totally different than how we handle cases in Selma because of the local rules we have to follow. The end result for either District though is that you can get rid of unsecured debt (examples are credit card, signature loans, payday loans or medical bills) in a Chapter 7 “straight” bankruptcy or pay all or part of the debt…

    Gail Donaldson/ Bond and Botes- 32 readers -
  • Common Questions and Misconceptions About Debt Collections in Texas

    …, however. I see creditors filing lawsuits in Houston daily when less than $1,000 is owed, including credit cards, debt collectors, payday loans, homeowner’s associations, furniture stores and more. Unfortunately, it is a numbers game. For example, if a nationwide bank has 100,000 customers that stop paying on their credit cards (with an average balance…

    Dove Bankruptcy Law- 15 readers -
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