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Best Payday Loan Alternatives

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MEMPHIS, TN (WMC / CONSUMER REPORTS) – If you’re struggling to pay your bills, you may be considering a payday loan. But be careful! Even after some recent reforms, many of these loans are still available with high fees and very high interest rates. The good news is there are alternatives, and as Consumer Reports explains, you just need to know where to look.

The pandemic has indeed exacerbated the problems with payday lenders, especially for people from low-income and black communities. Thus, attempts were made to provide them with better and fairer banking services.

What can you do right now if you urgently need money in an emergency? First, look for a community development financial institution near you. They are financial service providers such as a bank or credit union whose mission is to provide financial services to low-income communities that many traditional banks largely exclude.

And joining CDFI may be affordable. They offer banking services for free or at a low price with an initial deposit of $ 25 or more.

Another way you can go is to find a nonprofit with a benefit program. For example, Exodus Lending is a non-profit organization dedicated to helping people pay off payday loan arrears. These groups combine your loans without commission and with zero interest rate.

If you end up contacting a payday lender, CR considers it important that you know your state’s laws. USA.gov has a directory of government consumer protection services where you can get help if you have a problem with a lender.

Consumer Reports TV News publishes Consumer Reports. Consumer Reports is a non-profit organization that does not accept advertising and has no commercial relationship with advertisers or sponsors on this site.

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