Freeing Yourself From Astonishing Payday Loan Interest Rates

When money runs short between paychecks, many people resort to payday loans (also called payroll advance, cash advance or check-cashing loans) to meet the daily expenses of life. While such lenders promise instant cash, they are far less eager to advertise the exorbitant interest rates associated with these loans — often 300-400 percent or even higher. Such interest rates prompt individuals to take out another loan to pay off the first one, and a third to pay off the second, etc.

I am Robert E. Bardwell, Jr., Attorney at Law. My law office has assisted numerous clients who have taken out payday loans in Columbus or elsewhere in Ohio, only to find themselves caught in a vicious financial cycle. Through filing bankruptcy, I have helped them completely discharge such debts.

Won't I Be Charged With Check Fraud If I Don't Repay The Lender?

Payday lenders are notorious for threatening legal action if you don't repay their loans. If your postdated check bounces, they may tell you that you are in danger of criminal charges for passing worthless checks.

This is not true. Essentially, a payroll advance loan is an unsecured debt, just like a credit card bill or a medical bill. You will not be arrested or charged with any crime for filing bankruptcy and discharging this debt. Writing a check at a gas station, for instance, implies that you have money in your account to cover the cost. Writing a check to a payday lender is very different; the lender understands that you have no money in your account. If you did, you would not need a payday loan.

Talk To A Lawyer For Payroll Advance Loans, Serving Hilliard And Beyond

To learn more about your debt relief options in Ohio, do not hesitate to arrange a free financial evaluation at my Hilliard or Columbus office by calling 614-907-3665 or contacting me online. Evening and weekend appointments are available as necessary.

†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.