Why You Should Take Caution with Payday Loans
Payday loans are often advertised as perfect for those with bad credit, who may not qualify for personal loans from traditional lenders like banks or credit unions. However, payday loans are dangerous for a variety of reasons. Borrowers should take caution before …
Default: What Happens When You Can’t Pay Your Loan?
Most people who take out a loan have every intention of paying it back on time. However, life can get in the way of our best-laid plans, meaning loan defaults happen fairly frequently. Read on to learn what default means for your …
Past Creditors Can Do An Inquiry On Your Credit Report
If you have bad history with a creditor where you defaulted on a loan and did not pay them back, they have the right to pull your credit report for unspecified reasons. Say you owed a lender money and your loan has …
How to Stop a Creditor From Contacting Me
According to the Fair Debt Collections Practices Act, if it’s past the statute of limitations for a creditor to contact you, you can send a follow up letter requesting that they no longer contact you. You may still owe the money and …
How a Debt Management Plan Can Reduce Interest Rates
Although not new, debt management plans are becoming increasingly popular. For years, credit counseling agencies have worked with creditors to help reduce interest rates and stop any over-the-limit and which may be accruing on a credit card account. Here some of the …
Downsides of Using a Debt Management Plan
Debt management plans are used by credit counseling agencies to help you get back on track with your credit. Although there are plenty of perks such as they will act as your middleman and your score will increase over time, there are …
How CPA Hurts Your Pay Day Loan Payment
If you have a pay day loan there may be a factor in place that’s causing you to have trouble with your other finances. It’s called the CPA, also known as continuous payment authority. When you apply for the loan, somewhere within …
How to Cancel The CPA on Your Payday Loan
A CPA is also known as a continuous payment authority. This is a detail in your loan agreement that says the payday loan company has the right to pull the money for repayment when they want. If their pulling is causing you …
What is APR?
You know those interest and fees that you pay on a credit card, mortgage or other kind of loan? That’s called the APR, also known as Annual Percentage Rate. The APR from each loan vehicle will represent different things. For instance, the …
Difference in Installment Credit vs. Revolving Credit
There are two kinds of loans that show up on your credit report. One is called installment credit and revolving credit. An installment loan is a loan with an end date in mind. It is also paid in periodic payments. An example …
