Payday Loans

While not technically a bank, Chime works similarly to one. Because of this, many payday lenders will accept Chime for ACH transfers, such as deposits and direct debit of funds. If you’re looking for the best same-day payday loans or cash advance apps that work with Chime, here are your options: Disclaimer: Credit Summit may […]

Although taking out a payday loan may seem like a quick solution to a temporary cash shortfall, it often sends borrowers deeper into debt. In fact, 80% of borrowers must roll over their payday loan or apply for another loan to cover the original payday loan. That means only 20% of borrowers can afford to

Payday lenders make all sorts of threats, but can they actually follow through and take you to court? If you’re stuck in payday loan debt, you’ve probably gotten your fair share of threatening collection calls. And being threatened with a lawsuit is particularly scary. Courtroom trials may look glamorous on TV, but the courtroom is

From payday loans to credit card debt, most Americans owe money in one form or another. In 2020, U.S. consumer debt hit $14.88 trillion, according to an Experian consumer debt study. Juggling multiple high-interest payments can leave many borrowers struggling to stay afloat. And payday loans are dangerous, often leaving borrowers trapped in a cycle of debt. Wouldn’t it

Today, there are about 23,000 payday lenders — twice the number of McDonald’s restaurants in the United States — across the country. These lenders prey on people who need money immediately and don’t have time to seek better options. But there’s a better alternative. Before you hit “Apply Now” for that payday loan, consider a

Payday lenders don’t check your credit when you apply for a loan, and they don’t report it to the credit bureaus when you repay it by the due date.  But if you think an unpaid payday loan just disappears, think again. A payday loan default will stay in the payday lenders’ system for six years,

It’s difficult to ignore the TV reports and headlines about the many financial scams and fraudsters out there targeting vulnerable Americans, and payday loan scams are particularly notorious. Don’t become a victim. Learn to recognize these signs of common payday loan scams. Common Payday Loan Scam Tactics How do you know if the company offering

More than 12 million Americans take out a payday loan each year. Why are they so popular? People turn to these short-term loans because they give borrowers access to quick cash in emergencies. Unfortunately, borrowers often don’t realize just how the payday loan works and whether they can truly afford to take one out. What