Pay Day Loans in Tacoma

For many people living in Tacoma, pay day loans are a way of covering the cost of an unforeseen emergency or expense. If repaying a pay day loan by its due date becomes impossible, expensive additional fees and compounding interest can have a devastating effect on your finances. The annual percentage rate (APR) on pay day loans can run as high as 5,000% in certain situations, which is astronomical when you compare it to the average 9% to 30% APR of a major credit card.

What this equates to is that a medical or family emergency can end up making it impossible to ever get caught up on your bills or the pay day loan. Pay day lenders commonly tell customers that their loan can't be discharged by filing for bankruptcy. This is untrue. Even if the lender makes you sign a contract that says the loan cannot be discharged via bankruptcy, it is unenforceable in court.

The reason people usually obtain a pay day loan is because they are already stretched to their financial limit. Debt relief is what is really needed in these situations, and our Tacoma bankruptcy lawyers can help you take steps to entirely eliminate all or most unsecured debt, including pay day loans. Contact our law office in Washington without delay and find out whether you can benefit from bankruptcy.

• It's easy to get trapped in a revolving pay day loan debt repayment cycle that spirals out of control
• Get immediate relief when you talk to one of our experienced Washington bankruptcy lawyers
• Our attorneys will force debt collectors to cease all contact with you, even pay day loan creditors
• Don't lose control your life because our team of Pierce County bankruptcy attorneys can help

If you're trapped in a pay day loan cycle that you can't get out of, it may be time to consider bankruptcy. Those who are desperate enough to obtain a pay day loan are usually in need of financial relief. The federal government maintains bankruptcy laws so that honest, hard working people can get a fresh start financially. It doesn't matter what a pay day lender or debt collectors says, our Tacoma bankruptcy lawyers can help get pay day loan debt, and all other unsecured debt, discharged for good.

Pay day loans are usually secured with a postdated check written by the debtor. These companies often tell debtors that it's impossible to discharge the debt via bankruptcy, because writing a bad check is criminal fraud in the state of Washington. In essence, they threaten you with jail time in order to scare you into payments, even if you can no longer afford them.

Writing a bad check is fraud in Washington State. However, a pay day loan isn't fraud because the company knew you lacked sufficient funds in your bank account when you gave them a postdated check. The agreement you made was that you would pay the debt at a future date. So since you intended to pay the debt, your pay day loan is no different than a credit card or other variety of unsecured debt.

Our Pierce County pay day loan relief lawyers understand the law, and urge you to let us familiarize you with your legal rights.

If you're still using the bank account from which a pay day loan was written, you should close it. Everyone who applies for bankruptcy should do the same. Overdrawing an old bank account can make it difficult to open a new bank account, which is something else you should also do.

Our bankruptcy lawyers in Tacoma will help you stop the vicious cycle of pay day loan debt, and all you have to do is contact our law office today and take that first step toward debt relief.