Whether you are under debt review or not, it is a cash loans online good idea to compare payday loans before making a decision. You will want to make sure that you are able to repay the loan. It is also important to make sure that you don’t get in over your head with interest rates.
Is it legal to apply for loans while under debt review?
Having a payday loan while you’re under debt review can be an extremely expensive move. Aside from the cost of the loan itself, the length of the loan sequence before you’re able to repay your debt can cause you to spend even more money. The Bureau of Consumer Financial Protection (CFPB) recognizes that there is a sizable segment of reborrowers who end up in extended loan sequences before they’re able to repay their debts. The Bureau also recognizes that there is a countervailing benefit, which is access to credit for urgent needs. This can include paying rent or medical expenses, or even staving off eviction. The Bureau has concerns about the ability of lenders to substitute payday loans for other creditors, and about the potential value of a temporary reprieve.