Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

What are payday loans?

Living paycheck to paycheck means that an unexpected expense could make it difficult to pay rent, car payments or minimum credit card payments. And we all know that failing to pay these bills has serious consequences such as eviction, auto repossession and declined credit cards. That’s why this desperate situation causes many people to turn to payday loans for help.

Payday loans are short-term loans -- typically for $500 or less -- that are typically due to be paid back on the date of the borrowers next paycheck. In order to qualify for these loans, the borrower must provide the lender with a check for the full balance of the loan or access to his or her checking account so that the lender has the ability to garnish the loan amount when it is due. 

The loans also come with a fee that is usually 10 to 30 percent of the amount borrowed. “Renewals” or “rollovers” are common with payday loans, and they allow the loans to be paid back at a later date after more interest and/or fees are charged. These options make it possible to owe hundreds of dollars in fees in addition to the original loan amount.

For these reasons and several others, consumer protection agencies warn the public to be weary of payday loans and to avoid them, if possible. Officials also keep a close watch on payday loan operators to make sure that they are not violating the law or the rights of consumers.

Check back later this week to read about a class action lawsuit that is pending against an online payday loan provider. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map