Abusive debt collection practices are a potential pitfall if you don’t deal with ethical, state licensed payday lenders and fail to pay your debt in a timely manner. Unethical lenders may threaten you, harass you, reveal your debt to third…

Before you consider stopping payment on a payday loan check, think very carefully. In most cases, contacting your lender and working out a payment plan is the best move for all parties involved. Some states even have payment plan guidelines…

Faxless payday loans are convenient for people who do not have access to a fax machine. This convenience comes at a price. ‘No fax’ cash advance loans tend to be slower, more indiscrete and may expose your personal information…

If you have an outstanding balance on your credit card, paying off half the principle will reduce monthly interest fees significantly. If you have an outstanding payday loan, on the other hand, it is all or nothing. Many online payday…

Online payday loans put your personal information at risk. Internet lenders do not have physical access to your identification and other documents so they need to ask for a lot of personal information – much more than they would need…

Unwanted commercial messages are one side-effect of using unethical payday loan sites. After signing up for a payday loan, some people experience a sudden increase in unsolicited bulk e-mail (UBE or ‘spam’) and tele-marketing calls. Not surprisingly, many of these…

Payday loans do not help your credit rating. Paying them back on time does nothing for your FICO (Fair Isaac Company) score. If you fail to pay them back, however, payday loans can harm your credit rating…

When you sign for a payday loan, you sign away significant legal protections. Many payday loan contracts include clauses that try to keep you from filing a lawsuit in a court of law…

The most dangerous pitfall of payday loans is the Debt Treadmill. The debt treadmill is when you have only enough income to pay off the interest on your loan but not the principle. How does one get on the debt…

One common pitfall of payday loans is The Month After. When you repay the loan on your next paycheck, will you have enough money to survive? Let’s do the math…