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