For many people living in Bellevue, pay day loans are a last resort option to cover the cost of an unforeseen emergency or pay an overdue debt. However, if you're unable to repay the loan quickly, additional fees and outrageous interest can make it impossible to pay it back. The annual percentage rate (APR) on a pay day loan in Washington can run as high as 5,000%. Compare this to the average 9% to 30% APR of your average credit card and you can easily see how devastating a pay day loan can be to a person's finances.
This means that a medical emergency or a few weeks of missed work can result in a financial burden that requires swift action. Many pay day lenders tell their clients that the loan cannot be discharged by filing for bankruptcy, and some of them may even believe it, but that claim is untrue. Even if you sign a contract that says you will pay the loan after applying for bankruptcy, it is unenforceable in court.
The reality is that honest people often obtain pay day loans when they're already having trouble paying bills. Our Bellevue pay day loan relief lawyers can help you get back on your feet financially by taking steps to eliminate this debt. Contact our law office in Washington without delay and find out if bankruptcy is a viable option for you and your family.
Are you overwhelmed with pay day loan debt? Our Bellevue bankruptcy attorneys can helpIf you're trapped in a pay day loan death spiral with no chance of escape, you may be wondering if bankruptcy is your best option. Many of the same people that are desperate enough to obtain a pay day loan are already in need of financial assistance. The federal government created bankruptcy relief so that honest people could hit the financial reset button and get out from underneath crippling debt. Our Bellevue bankruptcy lawyers can discharge pay day loan debt immediately, no matter what your lender says.
Don't allow a pay day loan lender to threaten you with fraudPay day loans are most often secured with a debtor's postdated check. In turn, pay day loan lenders often tell debtors that their loan cannot be discharged via bankruptcy because writing a bad check is fraud. In essence, the lender threatens you with criminal prosecution and jail time to ensure they keep getting their payments, even if you don't have money to pay them.
There is no doubt that writing a bad check is criminal fraud, but a pay day loan doesn't quality as fraud. In a pay day loan situation, the lender knows you do not have sufficient funds in your bank account, which is why the check is postdated to begin with. Your agreement with the lender is that sufficient funds will be in your account at a future date, which shows you intended to pay the debt. This shows that a pay day loan is no different than a credit card obligation or other unsecured debt.
Our King County pay day loan relief attorneys urge you to familiarize yourself with your legal rights before allowing any lender to trick you into paying them money you don't have.
Get a free consultation from our Bellevue bankruptcy lawyers and fight back against pay day loan debtIf you are still using a checking account from which a pay day loan was written, you should consider closing the account and opening a new one. Really, everyone applying for bankruptcy should do the same, because overdrawing an old bank account can make it difficult to open a new one.
Our bankruptcy attorneys in Washington are ready to help you put an end to pay day loan debt, so contact our law office today and get help from a team of litigators who will maximize your debt relief.