When you file a Chapter 7 bankruptcy you must list all of your assets and debts. Unsecured debts are discharged giving you what is often called a Fresh Start. Payday Loans are a form of unsecured debt, although many people believe that these debts are secured. In fact, since the borrower is required to turn over a post-dated check to [...]
payday loan
As banks go back to having lending standards, they turn down more borrowers. A new industry has sprouted in between traditional lender, like banks and finance companies, and traditional loan sharks like HBO’s Tony Soprano. They call themselves payday lenders. Some states, unfortunately not Michigan, have outlawed these parasites. Payday lenders charge effective annual interest [...]
Payday Loan lenders could be sued in Illinois for failing to disclose the existence of an Electronic Funds Transfer [EFT] agreement in the loan disclosure box, so says the 5th Division of the First District Appellate Court of Illinois in the case of Randle v. Americash Loans, LLC, No. 1-09-2318 (July 30, 2010) Cook Co., [...]
If you’re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a “Do Payday Loans Cause Bankruptcy?” by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans. It’s nice [...]
Payday loans are horrible. Interest rates as high as 1,500% per year (that’s One Thousand Five Hundred percent per year, and yes, we’ve seen them this high). Wage withholding. Repayment terms that lock you into an endless cycle of borrow and pay that you can never get out of. Abusive collection practices. So why do [...]
A payday loan is a short-term loan designed to provide cash between paychecks. You’ve seen the signs (typically around military bases) and heard the ads on TV. Easy cash when you need it. A payday loan – but what is it? While it sounds helpful, the reality is often quite different. Have you ever heard the [...]
