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Payday Loans: Get Money Now (Pay for it Later)
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Payday loans may seem like a way to get by in a pinch, but their predatory tactics can make it difficult to recover from
We are here to help.
Ads that read “Get Money Now!” with “No Credit Check!” are common across Southern California, and for many people, the temptation of cash in hand can make the option sound worth it. What these ads don’t tell you, however, is that exorbitant interest rates and fees that come with these loans can leave you worse off than you started.
Reading the fine print
What the payday lenders don’t typically tell you is that if their attempt to collect your debt when it comes due isn’t successful, you’ll start racking up interest charges and fees immediately. Despite the maximum legal interest rate in California for a personal loan being about 10%, reports have been issued of payday lenders charging the equivalent of 650%-1000% in interest rates and fees.
At this high of a rate, it may be impossible to ever catch up.
Know your rights and alternatives
California is a state that, despite others making it illegal, allows a regulated form of payday lending – but most residents don’t know about these regulations, and the lenders themselves have tricks up their sleeves to keep it that way. While you could bring a suit against payday lenders, lawsuits are expensive and take time.
Bankruptcy may be a better option.
Our firm has helped over 40,000 people get through financial hardship to reclaim their debt-free futures via the bankruptcy process. If you’re looking for a fresh start, don’t look to payday loans as a way to get you there.
Contact one of our experienced attorneys today for a free debt evaluation consultation to see how we can help you.
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Borowitz & Clark, LLP is a leading consumer law firm in California with offices in Los Angeles, West Covina, Ontario, Palmdale, Norwalk, Torrance, and Glendale.
Led by two of the most experienced bankruptcy lawyers in southern California, Barry Borowitz and Erik Clark, we are ready to help you through your financial difficulties.
Our lawyers and staff will give your case the personal attention necessary to determine what course of action is best for your goals. We’ve handled thousands of bankruptcy cases, so we know the process inside and out.
We’ll work with you to make sure you understand your options and the bankruptcy process itself and we’ll fight to make sure you get the most out of your bankruptcy.
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