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11 May 2019
consumer financial protection bureau

Why you need to consolidate your payday loans now!!

KATHY KRANIGER….That is a name that Payday Loan borrowers won’t soon forget…Appointed by Donald Trump to replace Mick Mulvaney, interim director of the Consumer Financial Protection Bureau, she was narrowly confirmed by the senate in a 50 to 49 vote.

Before her nomination she was pretty much an unknown in DC. She last served as associate director at the Office of Management and Budget, controlling a quarter billion dollar budget inclusive of seven cabinet departments including the Department of Justice. She has no formal experience in Consumer Financial Protection.

The CFPB was formed in 2011. It’s mission was to protect consumers who were taking on any new financial obligations including but not limited to loans, mortgages credit cards and Payday Loans.

Kraniger is the new permanent director, taking over the job from interim Director Mick Mulvaney. Mulvaney was a Trump appointee. The CFPB has always been an agency with problems and these problems became clear and controversial during the Trump, Mulvaney era.

Upon his appointment Mulvaney called the CFPB a “sick sad joke” and sweeping changes ensued. One of Mulvaney’s reforms was to relax restrictions on payday lenders. Many people feel that Kraniger as a Trump appointee, will continue the agenda of Mick Mulvaney opening the doors for the Payday Loan industry to continue charging exorbitant interest rates, penalties and fees.

In 2014, the CFPB determined that that approximately fifty percent of all Payday Loans end up becoming ten loans long, constantly rolling over at the Borrowers expense.

Democrats fear this practice will continue under the Leadership of Kathy Kraniger.

27 Apr 2019

Will I Save By Consolidating My Payday Loans?

Will you save money by consolidating your payday loans? That depends on your current payday loan debt as well as the consolidation options available to you. Let’s take a look at whether consolidating your payday loans can help you save money.

How Much Do You Owe?

It doesn’t matter what you owe. In most cases a payday loan consolidation program will lower your interest rate down to 0%. You’ll be paying principal as opposed to interest. You’ll get out of debt quicker and as long as you make your payments on time you will not be harassed.

What Are Your Consolidation Options?
Whatever you do, do not take a loan against secured property to pay off your payday loans. In many states your home is protected from any and all creditors. There’s no reason to risk the roof over your head to pay off a creditor. The best payday loan consolidation option is a debt management plan which would lower your interest rate in most cases to 0% or possibly result in part of your balance being forgiven.

Some Options May Not Be Available to You

It is important to point out that some consolidation options may not be available to you. This is because most people who opt for payday loans have poor credit. The best way to go is a credit counseling payday loan consolidation plan. Hey work!

In extreme cases, bankruptcy may be your only option. However, this may be a good thing because your payday loan debt may be fully discharged in a matter of weeks. Although your credit will take a hit, you don’t have to worry about paying off your payday loan debt.

Will you save by consolidating payday loans? The answer is a resounding yes! There are very few situations where a Payday loan consolidation program can’t help you. More than likely you’ll be debt-free within a year and ready to move on with your life.

11 Mar 2019

Payday Loan Interest Rates: Why You Should Consolidate

For most people taking out a payday loan is done an in emergency . You might have a car needing repair and you do not have the money. You might have an appliance that is broken and needs immediate replacement. Payday loan providers normally give out loans to anyone, regardless of their credit status. While this might seem like a great loan for people who have been denied by banks, payday loan providers protect themselves by charging very high interest rates.

The interest rates attached to a payday loan can run up to 700% per year. Many can’t afford it . If you have one payday loan, it can be difficult to deal with, if you have two or more payday loans at the same time you more than likely have to default on them. it is very difficult to pay principal and interest at that type rate. Because of high payday loan interest rates, consolidation might be your best option. Consolidating a loan simply means that its payments are going to be less each time you pay the loan back. In general, the interest rate reduces to zero consequently it will be easier for to afford each week’s payment.

Because payday loan payments can be incredibly demanding, consolidating your current loans is going to save you from financial ruin. The problem with payday loans is that their interest rates are so high that it is difficult for most people to pay them off. Take into consideration the fact that you might have poor credit or no credit at all, and nonpayment of these loans can have a devastating effect on you and your loved ones. Your credit score can go lower and lower when you are struggling to pay off payday loans.

Consolidating these loans is a the best option if you’ve been noticing that the payments are too much for you to afford comfortably. The key to getting a payday loan is to have quick cash in your hand for emergency situations, and then to pay off the loan just as quickly as you can. Consolidating these loans allows you to have more time to pay off the loan while also making its payments a lot easier for your budget. If you currently have one or more payday loans that need to be paid off, you might want to consider the benefits that come with loan consolidation. In most cases interest reduction down to 0%

16 Dec 2018
consolidate my payday loans today

Why are Payday Loans So Dangerous?

Why are Payday Loans So Dangerous? Some people think payday loans are the most important things on the planet. Reality says, these types of loans can create tons more trouble than they’re worth. Understanding the problems that can result from taking out a payday loan will make it easier to decide if this is something that you really want to do. Here are key facts to keep in mind.

High Interest Rates

While it’s true that many states have passed laws limiting the amount of interest a payday lender can charge. Notwithstanding those laws, there are some states that allow lenders to charge interest rates up to 700% Annually. the interest payments are significantly higher then the payment of principal. These are called predatory lenders. Worst of all their enabled by the states that they operate in.

Under dire circumstances and with no other options, it would still better to invest the time in securing a short-term loan from a local bank. While it may take longer to be approved, the interest rate will be considerably lower.

Additional Fees and Charges

There are often some additional fees bundled in with the total amount you have to repay. They are sometimes referred to as application fees, posting fees, or processing fees. Along with the usurious interest rates, you could end up paying the lender a fee for depositing the check which is payment for the actual loan.

The Collection Madness

If you can’t settle the loan according to the original terms, there is no sympathy from a payday loan lender. More then likely, your check will be presented for payment even if you’ve advised the lender that the money will not be in your account. At that point the bank will assess NSF charges, and the lender can begin collection upon check return.

There could be a barrage of calls at work and at home demanding immediate payment. These calls could put your job in jeopardy. Threatening letters will start showing up in the mail. The check could be turned over to the local back check unit operated by the local municipality. By the time this check is paid, that loan you took out to cover the repairs to the car will cost you a fortune.

Payday loans are not something to choose lightly. You need to look at all options for a pressing pressing obligation before choosing payday loans. In the long run, you’ll save money, avoid a lot of legal problems, and not have to be frightened every-time the phone rings or the mail arrives.