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Home›Jazz Store›Alternatives to using payday loans

Alternatives to using payday loans

By Christopher Brown
August 9, 2021
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Alternatives to these high interest loans

Before considering a payday loan, the experts at Consumer Reports have advice on alternatives and ways to save money.

If you are having trouble paying your bills, you might want to consider a payday loan.

But be careful! Even with some recent reforms, many of these loans still come with high fees and very high interest rates.

The good news is that there are alternatives, and as Consumer Reports explains, you just need to know where to look.

The pandemic has really exacerbated the problems with payday lenders, especially for low-income people and black communities.

So there has been a push to provide them with better and fairer banking services.

What can you do now if you need emergency cash quickly?

First, find a community development financial institution near you.

They are financial service providers, like a bank or a credit union, whose mission is to bring financial services to low-income communities, places that many traditional banks have largely excluded.

And joining a CDFI can be affordable.

They offer free or low cost banking services with an initial deposit as small as $ 25.

Another avenue that you can take is to find a nonprofit organization with a payment relief program.

For example, Exodus Lending is a non-profit organization dedicated to helping people get out of payday loan debt.

These groups consolidate your loans without fees and interest.

If you end up going to a payday lender,

CR says it’s important that you know the laws in your state.

USA.gov has a directory of state consumer protection offices, where you can get help if you have a problem with a lender.

All Consumer Reports materials are copyright 2021 Consumer Reports, Inc. ALL RIGHTS RESERVED. Consumer Reports is a non-profit organization that does not accept any advertising. He has no commercial relationship with any advertiser or sponsor on this site. Fo


Related posts:

  1. New research from Aite-Novarica group: pay-on-demand eliminates payday loans and overdraft fees for millions of American workers
  2. Consumer Reports: Alternatives to Payday Loans
  3. 5 Best Emergency Loans For Bad Credit in 2021
  4. Payday Loans Need a Ceiling Letters to the Editor

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