In most cases, it is straightforward to cancel your payday loan at anypoint during the loan’s lifetime. However, you must be aware that this process can come with costs including paying off the accrued interest of the loan. If you no longer require the borrowed funds or have found a better alternative to your payday…
You will not be able to build your credit rating using a payday loan. Payday loans, while providing quick access to funds to pay for emergency financial needs, do not play a role in improving credit scores. This is due to payday loan repayments not being recorded on your credit report like other forms of…
Yes, you can be taken to court by a payday loan company if you default on your payday loan repayments. This action is usually only taken as a last resort, but payday lenders do have the legal right to pursue repayment through the court system if you fail to honor the terms of your loan…
Before you get a payday loan you should consider whether you can meet the loan repayments based on the terms and fees associated with your loan. Payday loans often seem like a quick solution when faced with financial emergencies, however, it’s crucial to approach them with caution and thorough consideration. We have put together some…
If you fail to repay your payday loan you will receive contact from your lender, you could incur late fees and additional interest, and it can negatively impact your credit score. While payday loans offer quick financial relief, the repercussions of defaulting on your repayments can be worrying. If you find yourself unable to meet…
Yes, it is possible your chosen payday loan company will contact your employer to verify your employment details and confirm your eligibility for loan approval. The prospect of payday lenders contacting your employer may cause you concern regarding privacy breaches and professional integrity. Although it is relatively uncommon for payday loan companies to call your…
The number of US citizens using payday loans each year has grown to 12 million. Since 2017, 6 percent of the adult population have taken out a payday loan. Every year in the US, borrowers spend almost $9 billion in payday loan fees. These statistics reveal that millions of Americans, from Texas to Maine, are…
Ideally, no, you should not be taking out a loan on behalf of someone else and the loan should be for you and only you. This is because the success of a loan (such as a payday loan) is based heavily on the individual credentials of a customer including their age, residential status, marital status,…