Payday loans are dangerous, unsecured loans designed to trap borrowers in debt.
Payday lenders operate in storefronts and online. They advertise “Fast Cash Now!” and “Quick Money Today!” They sound like a good deal, but they never are. Payday loans start as small-dollar, two week transactions, but with an average annual percentage rate of 350%, most borrowers wind up trapped in debt for months (instead of two weeks) and then taking out additional loans just to cover the mounting fees.
These are loans that people sometimes never get out from under. Through a mix of deceptive advertising, dangerous practices and unfair rates, payday loans are just plain wrong and should always be avoided.
These are loans that people sometimes never get out from under.
OppLoans strongly believes you deserve better than a payday loan. Check out the financial resources and tools here to learn the truth about payday loans and save yourself and your family time, difficulty and money!
Borrowers Deserve Better than a Payday Loan: The Story Behind the 36% APR Benchmark
Jared Kaplan, CEO, OppLoans
May 31, 2016
The High Cost of Payday Loans
Ann Logue, MBA, CFA
June 15, 2016
The Truth about Payday Loans
Ann Logue, MBA, CFA
June 18, 2016
Studies Show “Repeat-Use” for Payday Customers is Common
June 21, 2016
From our Blog
- To Payday or Not to Payday? (1 of 3) – Skipping the Drama of Payday Loans
- To Payday or Not to Payday? (2 of 3) – Predatory Lending’s Second Act
- To Payday or Not to Payday? (3 of 3) – The Final Act
- Escape the Payday Predator (1 of 3): Identify a Predatory Lender with these 5 Warning Signs
- Escape the Payday Predator (2 of 3): 3 Common Tactics Meant to Trap You in Debt
- Escape the Payday Predator (3 of 3): Fact-Checking the Payday Lenders
- What’s Up with Payday Loans in Kansas City
- The Consumer Financial Protection Bureau Thinks You Deserve Better than a Payday Loan and OppLoans Agrees!
- The Politics of Payday: Why Netflix’s House of Cards and Payday Lenders Deserve Each Other