31 Jan Payday Loans Are Not “Cash Advances” Under Bankruptcy Law
Discharging payday loans in bankruptcy is easier than you may think and easier than the lender may want you to know....
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03 Apr Payday Loans by Any Other Name: Still Not a Rose!
Payday loans can be dangerous forms of credit.
Interest rates are astronomically high (according to an FDIC advisory, between 300 and 1000 percent when calculated annually), a significant number of payday loan customers take out multiple loans per year, and it’s difficult to determine a legitimate company from a fly-by-night business front.
Many customers get trapped in a never ending cycle. By the time the loan comes due on the next payday (along with an additional $1.50 to $2 for every $10 borrowed), the customer can’t afford to repay the loan and pay his current bills. He then takes out another payday loan for just a bit more.
When one loan company stops extending credit, the customer moves to the next, borrowing to pay off the first. Nothing about this sounds good or appealing, right?
01 Aug Discharging Payday Loans In Bankruptcy: The Payday Lender Is Not Your Friend!
When you file aChapter 7 bankruptcy you must list all of your assets and debts.Unsecured debts are dischargedgiving youwhat is often called aFresh Start. Payday Loans are a form of unsecured debt, although many people believe that these debts are secured. In fact, since the borrower is...
20 Sep Payday Lender Must Disclose EFT Authorization
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....
08 Mar Payday Loans: How to Borrow $300 and Owe $3000
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...
26 Jul Credit Unions: Lots Better Than Payday Loans
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.
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