Comments (0) | E-mail this page | Print this page | Enlarge type | Reduce type | Search archives | RSS feeds | Add to My Yahoo! Payday advertisements appeal to customers with the promise of no credit checks, said Jeff Telling, Central Illinois regional manager for Family Credit Counseling Service in Normal. Payday loans are marketed as short-term cash advances on the borrowerâs next paycheck, but many Americans end up caught in a debt trap, as 90 percent of payday lending revenues are based on repeat borrowers, according to a survey from the North Carolina-based Center for Responsible Lending. David Hill, credit counseling coordinator at Chestnut Credit Counseling Services in Bloomington, recognizes the alternative to not taking out a payday loan sometimes could be financially worse than the high interest-rate loans. If they donât pay back the loan or roll it over, the lender will cash the check, and the consumer could end up with another problem â” a bounced check, Telling said. If consumers are thinking about getting a payday loan â” or already have one â” for any reason, Hill hopes the experience is a wake-up call for them to take a better look at their finances. Read More