By Megan SaylesAFRO Staff Writermsayles@afro.com Debt is often treated as a bad word though taking out loans and swiping credit cards is commonplace and unavoidable for most households across the country. However, not all debt is “bad” debt. At times, taking on debt may be a necessary stepping stone in achieving a financial goal. The […]
Tag: Payday Loans
Posted inBUSINESS
A loan shark in your pocket: Cellphone payday loan apps leave many consumers worse off
Predatory earned wage advance (EWA) apps are trapping low-income workers in cycles of high-interest debt, with borrowers often reborrowing at rates equivalent to 300 percent APR or more. Consumer advocates and regulators warn that without stronger financial protections, these apps will continue to exploit vulnerable Americans, deepening financial insecurity rather than alleviating it.
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Making Personal Loans Work for You — Types, Considerations, and Best Practices
Photo: fabrikacrimea via 123RF People needing quick access to money will often turn to personal loans. Before taking out a loan, it is crucial to understand the different types of personal loans, when to consider them, how to use them responsibly, and strategies to secure the best interest rates. Types of Personal Loans Unsecured Personal […]
