Too many in our community need help making ends meet. Financial options such as payday loans are found everywhere and can at first appear to be a good deal. But they usually end up causing borrowers more harm than good.
If you currently have a payday loan and need help getting out, call our counseling hotline at (888) 532-3021. A counselor will return your call within 24 hours.
Have you had an issue with a payday loan provider? Submit your complaint to the Consumer Financial Protection Bureau.
Are you thinking of taking on a payday loan?
Please consider the tips below. In most cases, payday loans are just not worth it.
- Look at your monthly budget. Will you be able to pay off the loan, with as much as 300% interest (Annual Percentage Rate or APR), plus pay the interest within the typical two-week loan period? For example, if you take out a $300 loan, with a financing fee of $50, you will need nearly $400 to pay the loan back in two weeks’ time.
- Are there any nonprofit organizations in your area that offer a loan or savings product? Find a nearby NCLR community partner or call our counseling hotline at (888) 532-3021 to find a resource near you. Your call will be returned within 24 hours.
- Are there any financial institutions that offer affordable loan products in your area? These organizations can help:
- Can you join a lending circle near you instead? These usually offer 0% APR and have very low fees:
Take action today
Here are steps you can take to make sure you don’t need a payday loan in the future:
- Consolidate debt.
- Refinance high-interest debt with affordable products from a local credit union or community bank.
- Enroll in credit counseling and budgeting programs.
- Start a savings plan.
- Find out more about our work to empower Latinos for financial success.