Payday Lending: Usury at its Worst. Image by Swanksalot, courtesy of Wikimedia Commons. Payday lending represents the worst of the worst when it comes to consumer lending. The practice nearly always involves a request for post-dated checksshockingly high interest ratesand shadowy, difficult-to-locate lenders whose corporate owners often turn out to be located on American Indian reservations or in foreign countries like Belize, outside of the reach of the Fair Debt Collection Practices Act (FDCPA) and other consumer protection laws.
Once you take out a payday loan, you are typically required to repay it plus interest within 2 weeks, and failure to do so results in the cashing of post-dated checks youve provided to the lender, overdrawn bank accounts, fees, more interest, and a bad situation made much, much worse.
It is a common misperception that payday loans are not dischargeable in bankruptcy. This is false, as personal loan in pakistan below, but they can present some practical complications.
Payday Loans in Bankruptcy: Totally Dischargeable. The US Bankruptcy Code breaks down different types of debt into several classifications and treats each classification differently.
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