Payday loans offer short-term high-interest loans, which come at a costly price. When stuck, many people who take payday loans are stuck in a vicious cycle of growing fees and rapidly increasing accounts. In no time, they’re owed more than they’ll be capable of paying.
If this is your circumstance, you’re not in the dark. These lenders are known for tricking hardworking people across Chicagoland as well as Illinois. If you don’t have a professional, getting out of the trap of predatory lending can be difficult. Text or call IPASS today to arrange an appointment for a no-cost consultation for one of our skilled Illinois debt settlement lawyers. We will help you get on the path to financial independence.
These are usually small loans with high costs and interest rates. The predatory lenders provide “cash today” to residents of Illinois with only a few credit options and the need to pay bills. The idea is that they’ll pay the amount they owe at the time of their next payday. In reality, they end up digging themselves further and further into debt, being suffocated by the rules that are in the fine print of these suffocating loans.
Some other names for these loans are:
If you decide to take out an advance loan for payday, you need to write an unpost-dated personal check or authorize an electronically-mediated bank transfer. A high fee will always accompany the loan amount in addition to the amount you’re borrowing. The costs can be proportional to the amount borrowed or a fixed rate based on the increments in cash, as a charge for each $100 borrowed.
After you have handed over your check, the transfer authority to the bank will pay you at the time of payment. The loan is typically due the day you receive your next paycheck.
When the due date approaches, You have two options to choose from:
Each time you roll over the amount, the lender will charge an additional cost.
Suppose you decide to take out an advance cash loan of $100 over two weeks. You’ll write the lender an $125 check with a fee of $25 to take the loan.
The next payday, you may allow the lender to make a check, or you can transfer the balance to another date and pay a fee of $25 to extend the credit by two weeks. If you decide to roll your balance over three times, you’ll end up paying $75 to get $100 in credit.
Additionally, many payday loans require that you make a wage agreement on your own. If at any point you’re not able to pay the debt, the lender, with no need for needing to take legal action, can have your employer take your earnings.
Filing the Chapter 7 bankruptcy in Illinois is an easy and legal way to get rid of untrustworthy lenders and begin with a fresh start. Illinois law on bankruptcy was created to assist people just like you get back on the right track.
If you file the help of a Chapter 7 bankruptcy, your debts will be dissolved. In addition, the majority of our clients do not lose their possessions during the bankruptcy process.
IPASS is the biggest Chapter 7 filer in the state and is the only Illinois firm to complete your bankruptcy with a fee of $0 upfront. The IPASS Illinois payday loan lawyers can stop debt collection today.
If you’re currently in the middle of a payday loan, you shouldn’t quit! Instead, text or call IPASS and set up a no-cost consultation with an experienced Illinois lawyer.