Pay Day Loans in Seattle
For many Washington residents, pay day loans offer a means to cover the cost of an unforeseen emergency. However, if repaying the pay day loan quickly proves impossible, expensive additional fees can put you into a financial tailspin where bailing out seems impossible. The annual percentage rate (APR) on a pay day loan can run as high as 5,000%, which is astronomical when compared to the average 9% to 30% APR of your average credit card.
All of which means that a simple medical emergency can result in a financial burden that requires drastic action. While most pay day lenders will tell you that the loan cannot be discharged by filing for bankruptcy, this is entirely false. Even if you sign a contract that says as much, it is unenforceable in District Court.
It's common for people to seek pay day loans when they're already stretched to their financial limit, but our Seattle bankruptcy lawyers can help you get back on your feet by taking steps to entirely eliminate this debt. Contact our law office in Washington State today and find out if bankruptcy is possible.If you're overwhelmed with debt, our Seattle bankruptcy attorneys can help
- You can easily become trapped in a revolving pay day loan debt repayment cycle
- Simply talking to one of our experienced Washington State bankruptcy lawyers will provide you with immediate relief
- Our experienced lawyers will immediately force debt collectors to cease all contact with you, including pay day loan creditors
- Don't let debt rule your life - get help from our team of King County bankruptcy attorneys
If you're caught in a pay day loan death spiral, you may think there is no way out. Often the same people that are desperate enough to seek out a pay day loan are already in need of financial relief. Bankruptcy was created by the federal government so that honest, hard working people could hit the financial reset button and get a fresh start financially. No matter what your pay day loan creditor says, our Seattle bankruptcy lawyers can discharge pay day loan debt immediately.Don't let a pay day loan company threaten you with fraud
Because pay day loans are usually secured with postdated checks, pay day loan companies sometimes tell debtors that the debt cannot be discharged via bankruptcy because writing a bad check is fraud. In other words, they threaten you with jail time to ensure they keep getting their payments, even if you can't afford them.
While writing a bad check is definitely fraud, a pay day loan doesn't apply because the company already knows that you do not have sufficient funds in your bank account. The agreement is that sufficient funds will be in your account at a future date. This shows you intended to pay the debt, which makes a pay day loan no different than a credit card or other loan.
Our King County pay day loan relief attorneys understand Washington law, and urge you to familiarize yourself with your legal rights.Get a free consultation from Seattle bankruptcy lawyers who will fight to discharge all pay day loan debt
If you still use a bank account from which a pay day loan was written, we urge you to close the account and open a new one. This is something everyone should so when applying for bankruptcy, because overdrawing an old bank account can make it difficult to open a new one.
Our bankruptcy lawyers in Washington State are ready to help you stop the vicious cycle of pay day loan debt, so contact our law office today and let us help you fight back.