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In response to the continuous negative feedback about payday installment loans, the CFSA or the Community Financial Services Association of America, has released, through its website, answers to frequent myths associated with this financial resource. The CFSA was established in 1999 as the national organization of lenders of short-term payday installment loans. CFSA works to promote laws and regulations for its members following a code of Best Practices that guarantees consumers with the highest standard of service.

CFSA member companies …

In a study entitled, “An Analysis of Consumers’ Use of Payday Loans,” written by Gregory Elliehausen, a member of the Division of Research and Statistics, Board of Governors of the Federal Reserve System and Financial Services Research Program, The George Washington University School of Business, he described the demographic characteristics of payday installment loan borrowers and considered whether they make rational decisions and benefit from the loan. As noted, Elliehausen said that only 2% of U.S. adults use payday installment …

Believe it or not, payday installment loan scams do exist. You might wonder how there could be a scam if the risk is on the lender by giving you the money. In fact, there are stories from consumers who had their bank accounts cleared out by their lender or the lender took out more than the agreed upon fee.

By definition, a scam is when you are abused above and beyond normal.  The very high fees some lenders charge can …

Credit checks are important whether you’re borrowing to purchase a home or a car. Lenders will do background checks before any loan application is approved. This is the reason why people with bad credit are hesitant to apply for loans because they might be disapproved. Lenders of payday installment loans will extend you a loan even with bad credit.

A payday installment loan is a short term loan with amounts ranging from $100 to $1,000. How much you can borrow …

There are numerous lenders offering payday installment loans. It is best for a consumer to be able to have many choices and compare the different rates offered to get the most out of their loans. Having the ability to compare payday installment loans uses discernment and patience.

If you sign up with the very first lender you encounter, you might end up paying high fees and interest. Also, you waste your opportunity to look for lenders that may have better …

For millions of people, payday installment loans are a fast and convenient way of getting money in order to cover unexpected and sudden expenses, such as car repairs or medical bills. A payday installment loan can even save you money by helping you avoid bounced checks and late charges on bills. But, payday installments loans should not always be used for your financial needs.

When getting loans, such as payday installment loans, it is important to determine whether the loan …

The research conducted by New Which revealed that there are many consumers who are struggling to pay for food and bills who are caught in the payday installment loan debt trap. In addition, the research also shows that websites of most payday installment loan lenders are exacerbating the problem.

From over 60% of consumers who took out payday installment loans, most of them have used the money to pay for household bills or to buy other daily needs, such as …

According to a study conducted by the Pew’s Safe Small Dollar Loans Research Project, there are nearly 6% of adults in the country that have used payday installment loans in the last five years. Mostly, these adults use payday installment loans to cover everyday expenses and not for emergencies. The report is based in part on a large survey that has found that 12 million Americans used short term loans, such as payday installment loans, in 2010.

This is why …

With the increasing demand for short term loans, there is also an increasing number of illegal lenders of payday installment loans out there. On the internet, some lenders have been ripping off so many consumers because the borrower does not know that they are operating illegally in their states or may not know how to deal with them. Usually, these illegal lenders will force you to continue paying them over and over again, even though they know they are not …

Unpaid payday installment loans can be very stressful for consumers because most collecting agencies make annoying phone calls and demand letters for payment. Online payday installment loans are similar to regular short term loans, but instead of visiting a physical location, borrowers can take out a loan from the internet. Also, instead of providing the online lender with a postdated check, the borrower generally provides a checking account number from which the lender can withdraw money on the scheduled due …