Payday and MoneyTree

Did you know that one in five people default on their payday loan debt? In fact, 80% of all borrowers had to re-borrow or roll over their loan within the first month. It's not because there are that many financially irresponsible people. It is because payday loans have tricky terms that lead to a cycle of debt.

If you're one of these people trapped by payday loan debts, we can help. First, we'll make sure the loan is legitimate based on Washington State and federal laws. We'll then help you find legal debt relief to get you out of the debt for good. Further, we'll investigate and make sure that you weren't the target of a predatory lender. In that case, we'll use the law to pursue compensation for any harm they caused you.

Contact our Lynnwood law offices today to schedule a free consultation and learn more.

Our Lynnwood attorneys will help you find legal ways to get out of payday debt. We'll explore several options, including:

• Debt Settlement: Negotiate directly with lenders to settle your payday loan for a reduced amount.
• Chapter 7 Bankruptcy: This can wipe out unsecured debt, including payday loans, if you qualify.
• Chapter 13 Bankruptcy: Restructure your payday loan debt into a manageable repayment plan, stopping collections in their tracks.
• Debt Management Plan (DMP): A nonprofit credit counselor can help you set up a plan to repay your payday loan at a reduced interest rate.
• Loan Consolidation: Combine your payday loan debt into one manageable payment, sometimes with a lower interest rate.

Further, under Washington State's Consumer Protection Act (RCW 19.86), you may be able to challenge unfair payday loan practices. If you're facing payday loan debt in Lynnwood, our attorneys have the local knowledge and experience to help you explore these options.

Predatory lenders are lenders who skirt or break the law. They prey on vulnerable people and use tricky legal language to trap them into loans that have sky-high fees, unfair interest rates, and rollovers. Predatory lenders often target people looking for payday loans because they can more easily hide and misrepresent the loan terms. However, predatory lending is illegal under Washington State law. If you believe you are the target of a predatory lender, call our Lynnwood law offices right away. You have the right to take legal action against them (RCW 19.86.020).

If you're dealing with a predatory payday lender in Lynnwood, you have legal options under Washington State law (RCW 19.86). Here's what to do:

1. Consult Our Lynnwood Attorneys: Our team in Lynnwood specializes in consumer protection and can help assess whether the lender violated usury laws. Washington's usury laws (RCW 19.52.020) cap interest rates at 12% unless exceptions apply.
2. Gather Your Documents: Collect all records related to your loan, including contracts, payment histories, and any communication with the lender. Washington State’s Consumer Protection Act (RCW 19.86.020) protects you from unfair practices.
3. File Your Complaint: You will then file a formal complaint with the Washington State Department of Financial Institutions (RCW 31.45.090). They investigate and enforce payday loan regulations, offering a resolution without going to court.
4. Send A Demand Letter: Sometimes, a demand letter can settle the matter quickly. If the lender's actions violate the law, you could be entitled to damages, including attorney fees (RCW 19.86.080).
5. File A Lawsuit: If the issue isn't resolved, you can sue the lender under RCW 19.86.090. You may be able to recover damages, including triple damages, if the lender acted willfully, plus attorney fees.
6. Consider Settlement Or Mediation: Many cases settle before trial. We'll negotiate for a fair settlement, but we'll represent you in court to get a favorable outcome if needed.

Whether you're in Lynnwood, Alderwood Manor, or Martha Lake, our attorneys understand the challenges you face. We'll help you fight back against unfair lending practices in Edmonds, Mountlake Terrace, and Bothell.

Call our Lynnwood Law Offices today for a free consultation, and let's start working toward a brighter, debt-free future.