If you are having trouble paying your payments, you are probably considering a payday loan. But beware ! Even with some reforms underway, many of these loans still come with high fees and very high interest rates. The great news is that there are alternatives, and as Consumer Reports explains, you just need to know where to look.
The pandemic has actually exacerbated problems with payday lenders, especially for low-income people and black communities. So there was a push to hand them higher and fairer banking companies.
What can you do now in case you need emergency cash quickly? First, find a community development financial institution near you. They are providers of money services, such as a financial institution or a credit union, whose mission is to transport money companies to low-income communities, locations that many conventional banks have largely excluded.
And becoming a member of a CDFI can be inexpensive. They offer low cost or low cost banking companies a preliminary deposit as small as $ 25.
Another avenue that you can take is to find a nonprofit organization with a fee reduction program. For example, Exodus Lending is a non-profit organization dedicated to helping individuals get out of their payday loan debt. These teams consolidate your loans at no cost and at 0% interest.
If you end up with a payday lender, CR says it is necessary that you carry out the legal guidelines in your state. USA.gov has a list of state consumer protection bureaus, where you can get help if you have a problem with a lender.
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