How you can beat the payday lending trap with low-cost alternatives

Borrowers in Texas and California searching for quick cash have a new option:¬†a database of low-cost alternatives¬†to high-interest payday loans. The database, built by NerdWallet and searchable by ZIP code, lists more than three dozen community organizations that provide financial assistance to borrowers in the form of small-dollar loans or… Read more“How you can beat the payday lending trap with low-cost alternatives”

House to debate payday loans

The House of Representatives were scheduled Thursday to debate a bill that would eliminate exorbitant interest rates on payday loans. The bill went through a House Financial Services Committee on Wednesday, but drastically adjusted the originally proposed bill that would give borrowers up to six months to repay payday loans.

Payday loans have cost Floridians $2.5 billion in last decade, report finds

Since 2005, Floridians have paid $2.5 billion in fees to payday lenders, despite state regulations laws, according to a newreport from the Center for Responsible Lending. A payday loan is a high-interest, low-dollar loan that is due on your next payday, says Delvin Davis, a senior research analyst at the… Read more“Payday loans have cost Floridians $2.5 billion in last decade, report finds”