Payday Lending Overview
Payday loans can seem like the perfect solution to covering the cost of an unexpected living expense or family emergency, but they accumulate high fees over their advertised short-terms. Payday loans can carry with them usurious and unconscionable interest rates high in the triple-digits - some up to 800% - along with other hidden fees that borrowers quickly become incapable of paying back. Even after paying back the principal amount borrowed, some Payday lenders continue to threaten clients to try and obtain for more payments.
Payday loans are attractive because they are easy to qualify for and their terms are short - generally the time between paydays. Payday lenders market their services as quick and convenient for those strapped for cash, but borrowers quickly realize that they have created a long-term debt problem.
Although payday loans are illegal in some states, individuals all over the country have found themselves in difficult financial and legal situations as a result of payday lending practices.
Internet Payday Loans
In attempt to avoid state regulation, many payday lenders now offer internet payday loans with the same usurious and unconscionable interest rates, looking for loopholes to avoid state laws that would prohibit the transactions or limit the interest they can charge.
Choosing a Payday Loan Attorney
Many borrowers are harassed and/or sued by their payday lenders when they are unable to repay their debt, often for three or four times the amount of the original payday loan. In these cases, an experienced and committed attorney can sometimes sue the payday lender on behalf of the borrower, fight ceaselessly, and help avoid even more debt and unfair repercussions. If you, or a family member, are struggling to repay an unfair payday loan or have a complaint to file against a payday lender, contact Brayton Purcell L.L.P. today.
Combining the experience of 50 highly skilled lawyers, the dedication of 220 seasoned support personnel and the diligence of an in-house investigative team, the Northern California-based law office of Brayton Purcell, L.L.P., devotes its vast resources to pursuing the best outcome and maximizing compensation for clients from throughout the country.
