The Truth About Payday Lending Industry Claims

Interest Rates, Fees And Costs

While advocates of payday loans say they grant loan access to people with poor or no credit, critics say these short term" loans unfairly target minority populations and trap people into lengthy debt cycles. You can also make use of our unique Eligibility Test which will present you with a list of lenders that are most likely to accept your application based on your own personal circumstances. We compare more payday loans than any other site.

A payday loan is a short-term, high-cost transaction where a customer borrows money for a service fee. The customer writes a personal check to the lender for the amount borrowed plus the service fee. The lender gives the customer the loaned amount and holds the customer's check (usually until the customer's next payday) before presenting the check to the customer's bank for payment. You may see these advertised as a payday loan, cash advance, or check advance loan.

We all know at this point that an installment loan of this type is a great solution for those seeking solutions on the short term. Those who have credit difficulties should seek out an Ohio Oklahoma lender - or anywhere else, for that matter.

That said, they can appear on your credit report if the loan becomes delinquent and the lender sells your account to a collection agency. Once a collection agency purchases the delinquent account, it has the option to report it as a collection account to the credit reporting bureaus, which could damage your credit score.