Experienced Payday Loan Settlement Lawyer in Katy Caught in the trap of one or more payday loans? Rest assured, you are not alone. As trapped as you may feel, know that there is a way out. Payday loans are short-term, high-interest, unsecured loans that typically come due each payday. If you cannot pay off the loan on that payday, the lender will renew the loan and charge additional fees to do so, which can be exorbitant in relation to the amount initially borrowed and equate to upwards of a 300% or more interest rate. Payday Loans are some of the most abusive and expensive types of loans you can acquire.
Facts to Consider If You Have Payday Loan Debt
- You will not go to jail if you fail to pay a payday loan. If you are behind on a payday loan, you may have debt collectors threatening you, that your “case” has been turned over to the police and that you will be arrested and go to jail for having written a bad check. They are lying. These threats are baseless. Yes, you still owe them money, but no you are not going to be arrested.
- Whether you are filing a chapter 7 or a chapter 13, these types of debts are unsecured claims and are dischargeable in bankruptcy.
There is Hope, Contact Corey Mills Today
If you have payday loans and simply cannot get out of the cycle of debt, you may feel completely overwhelmed, like there is just no way out. It is important to know your legal options. Feel free to reach out to our office and schedule a no-cost consultation to determine the best course for your situation. This is what we do, we help people with these types of issues every day.