The payday loan “cycle” is designed so you are unable to pay them off or get out from under their grip. You borrow once, thinking it will help you pay this month’s bills, but then need to borrow again to pay the previous payday loan, and again to pay that payday loan. The interest rates and fees alone on these loans can be as high as 300%;. The game is rigged – it’s a trap.
Our firm helps and protects individuals with their payday loans everyday; we discharge hundreds of thousands of dollars worth of these loans through bankruptcy. Payday loan collectors often tell borrowers that payday loans can not be discharged in Texas in a bankruptcy but this is NOT TRUE. It is important for you to know your rights because lenders are eager to take advantage of unsuspecting borrowers. If you are concerned about re-paying payday loans, please call our law office for help.