Stop Payday Loans
Bankruptcy can be an effective tool in discharging pay day loans
For the uninitiated a pay day loan is a very expensive way to borrow money. A pay day loan is begun when a borrower receives money and then promises to pay back the lender a few days later with their next paycheck. If this was the rule there would be very little harm to the borrower. However, 85% of borrowers never pay the loan back on their next pay day. In a recent study, statistics show most borrowers take over a year to repay the loan. This could be a very expensive proposition since some lenders have been found to charge over 400% interest annually. If you find yourself stuck in the pay day cycle, you need to know bankruptcy can stop a pay day lender dead in there tracks. Bankruptcy can be an effective tool in discharging pay day loans. If you are suffering from the pay day loan merry go round, call today for a free appointment to see how we can help you!