Payday Loans: Just Say No

: Chris Lee Law Firm

  Filed under: Loans

payday loansIn all of our experience with Fort Worth bankruptcy, loans, and finances, we’ve learned a few lessons that we feel are important to share with others.  As we’ve dealt with hundreds of cases – all unique from one another – we’ve seen people in a variety of financial situations, all struggling with different hardships.  However, one struggle that seems to be uniform is the struggle with payday loans.

Why You Should Stay Away

Payday loans can be some of the most difficult loans to ever repay.  The institutions behind payday loans are taking advantage of customers, and they know it.  However, many people feel like they have no other option.  If you’re living paycheck to paycheck, of course, we want to encourage you to build up an emergency fund so that you won’t ever have to resort to taking out a payday loan.

However, we know this isn’t always possible, especially if you’re on the brink of bankruptcy.  If you are unable to build up any kind of emergency fund, please try to come up with a backup plan of some sort before you run into a situation in which you need cash quickly.  Payday loans can oftentimes run borrowers into paying interest rates as high as 36%!  Also, these loans are easy to renew, making them especially dangerous.  Many borrowers, unfortunately, can get trapped in a cycle of loan renewal that only ends in bankruptcy.

If you or someone you know is in this cycle, it’s time to start thinking about bankruptcy.  Bankruptcy can be a wonderful way to get the debt relief you deserve, and a fresh start without the burden of payday loans on your shoulders!

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