Many Pay Day loan companies require the borrower to submit a post-dated check for the full amount of the loan at the time they get the Pay Day loan. Typically payments are made on a weekly or monthly basis and as long as they continue to be made, the check will not be cashed.
However, in the event that the borrower declares bankruptcy, Pay Day loan companies may have the legal right to attempt to cash any post-dated checks submitted to them. A BANKRUPTCY ATTORNEY CAN PROVIDE SOLUTIONS TO THE CHECK-CASHING Niche industies in merchant cash advance. Though the Pay Day loan company may have some rights to cash the check, there are also solutions.
Your bankruptcy lawyer can carefully assess your case to decide which is the right move for you. Options may include closing the bank account from which the check was issued, or issuing a stop-payment on any outstanding post-dated checks. Keep in mind that requesting a stop-payment on a check wont always be effective, especially when automatic transfer (ACH) payments have been set up.
Your bankruptcy attorney can explain these and other options to you in full. THE TIMING OF PAY DAY LOANS MAY POSE A PROBLEM WHEN FILING BANKRUPTCY.
Cash advance loans ought not to be used to pay your normal monthly expenses or increase regular cash flow, however.
Using payday cash advances consistently can result in negative financial consequences and being caught inside a cycle of trying to catch up. QuickLoans. com. Information. Quick Loans.
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ACE makes it easy to obtain cash when you need it most. We specialize in short-term consumer loans, bill pay, prepaid debit cards, and check cashing services.
Find out which services we offer in your state. How do payday loans work online. We commit to connecting you with an approved lender. We also made the process simple.