Companies all over Grand Rapids are offering payday loans these days. Most of these types of cash advance businesses are found in storefronts and offer consumers quick cash for money emergencies. What looks like a good deal, though, might end up landing you more in debt than you were before you took the loan.
Cash advances are normally based on the promise that the loan will be repaid when an expected deposit, normally a paycheck, comes through. You will likely have to write a post-dated check or give the business electronic access to your checking account to guarantee the loan will be repaid. Most companies charge close to 300% interest on cash advances and you can also face fees if you bounce a check or do not pay the loan on time. A $300 cash advance to pay off a car repair bill can quickly balloon into a $1,000 loan bill. Normally, once the cash advance has been repaid, you will be short on money for other bills and the cycle starts again.
If you find yourself looking for short-term loans like a cash advance, it is probably time to speak with a bankruptcy attorney. We can work with you to find a better, less expensive way to pay off your debts. Continued use of cash advance or payday loans will just put you deeper into debt and add to your money problems.
We offer free bankruptcy consultations in Grand Rapids, Lansing, and Kalamazoo, where we can help you find a better way to manage your finances. If you are juggling cash advance payments and your regular bills, consider ending the cycle of debt and getting your finances back on track. We are here to help, you just need to make the first call.