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With a million people set to use payday loans to pay for Christmas this year, Miquita Oliver goes undercover to find out the truth about Britain's most contr...
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They may put you in worse financial shape than when you started.
Many Americans are increasingly turning to high interest, short term loans to try to make ends meet, but a brief overview of payday lending’s problematic setup shows that it’s often a false solution to a false problem.
It is becoming increasingly popular for payday loan companies to target students for their high-interest payday loans. Should students even consider these loans as a way of resolving financial worries?
If this happens to you, please remember that under illinois law, you are entitled to enter into an interest-free repayment plan with your lender after youve been in debt for more than 35 days. this option applies only to payday loans, not to payday installment loans, and you must request it. additionally, the law prohibits lenders from issuing a new payday loan if it would result in your being in debt for more than 45 days in a row. together, these two provisions are designed to give payday borrowers some breathing room to pay off their old payday loan debt without getting buried under additional charges and fees.Triple-digit interest rates and include all kinds of hidden fees. one payday loan can quickly snowball into too much debt for one family to handle. many payday borrowers come up short on their loans due date, so they must take out a new loan to pay off the old one. or sometimes, lenders will offer consumers additional cash if they take out a new loan to pay off the old one. this is called rolling over a loan. each time a loan is rolled over, the lender tacks on additional fees. this creates a cycle of debt from which some families never recover.Under a new law that began on march 21, 2011, illinois consumers now enjoy stronger protections from the payday loan industrys worst practices. the new law protects consumers from unlimited roll-overs and requires loans to be based on a borrowers ability to pay. the new law also creates a new type of loan the small consumer loan that is somewhat less expensive than the traditional payday product. still, even with these new protections in place, consumers must exercise caution when deciding whether to take out a loan to meet their emergency expenses. the cost of short-term borrowing in illinois remains very high.There are three types of payday or payday-like loans sold in illinois. the least expensive of these is the small consumer loan. under illinois law, a lender can charge an annual percentage rate (apr) of no more than 99% on a small consumer loan. this is by no means cheap, but its considerably less costly than a payday loan. so, be sure to shop around. ask a lender if they sell small consumer loans. be specific. if they dont sell them, move on to a store that does. stores that sell payday loans cannot sell small consumer loans. it is against the law.
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