Los Angeles Payday Loan Attorneys

While payday loans may offer short-term solutions to debt problems, they can lead to devastation and overwhelming debt for people who may already be struggling. Payday loan companies often profit off of other people’s financial misery. If you have taken out payday loans, you were probably in a desperate financial situation, needing quick cash from any resource. Unfortunately, the excessive fees associated with payday loans only make the financial crisis worse for most people. You may now find yourself in more debt. Rather than solving your problems, a payday loan has contributed to them. We have seen many cases in which consumers return again and again to the payday loan “solution” until the fees, interest, and penalties for late payments become financially disastrous.

There are alternatives to this scenario.

You may feel trapped and believe no one can help you with your current financial situation. Weintraub Zolkin Talerico & Selth LLP is a Los Angeles law firm focused exclusively on real debt relief.

We offer comprehensive debt relief options including, but not limited to:

We represent people throughout Los Angeles with payday loan debt. If you need licensed, insured, experienced, and dedicated attorneys by your side, contact us onlineor call (310) 220-4147.

Solutions to Payday Loan Debt

Bankruptcy is one solution for payday loan debt. Payday loans are unsecured debt. There is no collateral that can be seized by the lender. Because of this, they are typically discharged under Chapter 7, Chapter 11, or Chapter 13 bankruptcy. Chapter 11 and Chapter 13 are often used to help people save their assets and catch up on certain past-due debts. Chapter 7 involves liquidating some assets and paying creditors an agreed amount that is typically lower than the total amount owed.

Auto loans and home loans have collateral that a lender may try to repossess. With unsecured debt, however, there is no tangible collateral to secure the money you owe. Therefore, there is nothing for the lender to repossess. In most cases, unsecured debt is discharged in bankruptcy.

Payday loans and other short-term loans with high fees often lead to devastating consequences. The state of California aggressively regulates these businesses and punishes them for misconduct, but there are still many unethical companies that prey on financially desperate people. Often, the people who rely on payday loans do not have the money to repay the loan by their next payday. When this happens, the loan renews itself with additional fees and penalties. It only takes a few weeks for the debt to become unmanageable. Avoid this trap or, if you are already in it, there is hope.

Call the attorneys at Weintraub Zolkin Talerico & Selth LLP at (310) 220-4147for real debt relief.