When people find themselves in an emergency or other tough situation where they need cash fast, they often turn to payday loans as the solution. A payday loan may seem like a good idea, but it often leaves the borrower with a substantial amount of debt. Many people are drawn to the thought of quick and easy money without really thinking about how they will be able to pay it back.
It’s easy to qualify for a payday loan, but the consequences should be considered. A bankruptcy law firm in Fort Lauderdale can be a helpful option for those who find themselves with significant payday loans.
Nobody wants to file for bankruptcy, but often it’s the best option for someone with a lot of debt. Before embarking on bankruptcy because of payday loans, contact the DiTocco Law Group, PLLC, to explore your options.
Don’t Be Fooled By Payday Loan Promises
Payday loans are popular because they are fast, easy and they pay you cash. Even those with bad credit may qualify for a payday loan so long as they can prove you have a form of income such as a check stub or some other proof. Payday loans require a contract and signature which state the person will repay the loan. Unlike a mortgage loan or car payment, a payday loan isn’t paid off a little bit at a time. Payday loans usually require the borrower to pay them back in just a week or two, and they come with a high interest rate, generally between 10 and 20 percent.
Fight Back Against Predatory Lending
Payday loans usually include language in the contract that allows the lender to pursue the money you owe through litigation. If the creditor receives a judgment, it can garnish your wages and/or your bank accounts. When it comes to payday loans, everyone’s case is unique, meaning that the best course of action is hiring a team of Fort Lauderdale bankruptcy lawyers with the expertise and experience to help you.
We Are Here To Help
The DiTocco Law Group, PLLC, has extensive experience helping clients with situations involving payday loans and other debts. When it comes to hiring a law firm in Fort Lauderdale for your bankruptcy needs, calling us is one of the smartest decisions you can make! Call the DiTocco Law Group, PLLC, and find out how our bankruptcy attorneys in Fort Lauderdale can help you today!
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.