CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

Financial Struggles? What You Should Know about Check Cashing and Payday Advance Loans

If you are facing serious financial struggles, it might be tempting to look for a quick fix. Unfortunately unscrupulous lenders tend to prey on people in desperate situations and what might seem like a great idea when money is tight turns out to be a huge mistake. Quick fixes like check cashing and payday advance opportunities can add to your financial struggles and make your situation even worse than it is now.

What Should You Know about these Potentially Dangerous Lending Opportunities?

Check cashing establishments, which are often retail stores, cash checks immediately without your needing to have money to cover the amount of the check in your checking account. These are short-term loans and you are usually charged a small fee.

Essentially, you are writing a bad check to get cash, which could be illegal. It’s a risky means of obtaining fast cash and if the money is not in your account by the time the store turns the check into the bank, you are subject to fees and could face civil and criminal penalties. Some states even permit stores to seek punitive damages and you could face fines as much as three times the amount of the check.

Payday advances are legal, but put you at risk for digging yourself into a deep financial hole. Payday advances are also short-term loans that allow you to borrow at a high interest rate against your upcoming paycheck. You usually have 14 to 30 days to repay the loan and if the lender has direct access to your checking account, you have no way to avoid the payment when it comes due.

More information about Payday loans can be found on the Federal Trade Commission’s website.

When to Consider a New Strategy

For some, an occasional payday loan is the best way to obtain much-needed cash fast, especially if their financial situation prevents them from using a credit card. However, relying on payday loans on a regular basis is a sign you are headed toward financial disaster.

If you find yourself considering unconventional means of borrowing money on an ongoing basis, it might be time to assess your overall financial situation. If there is no end in sight to your financial woes, you need to consider more drastic options. At the very least, you should speak to someone about your situation and learn about your options. This way you can decide what to do next aware or your options and having a firm grasp on where you stand financially.

To learn more about the financial risks of shady lending practices or to speak with someone about your financial situation and what can be done remedy it, contact the Law Offices of Robert M. Geller at 813.254.5696.

 

Tampa Bankruptcy Law Blog

What is a Rule 2004 Exam?

Rule 2004 Exam Bankruptcy cases are handled in a bankruptcy court, but rarely do people who file need to make...
Read More

What is a Tuition Clawback?

Tuition Clawback Student loans are one of the primary causes of financial struggles and a common reason people ultimately file...
Read More

What is a Preferential Transfer?

Preferential Transfer When you file for bankruptcy, the bankruptcy court determines the order of payments.  This is true for both...
Read More

3 Tips for Choosing a Bankruptcy Lawyer

Bankruptcy Lawyer Bankruptcy is one of the most common reasons for someone to need an attorney. Filing for bankruptcy is...
Read More

What Does Presumption of Abuse Mean and What’s Its Role in Bankruptcy?

Presumption of Abuse Deciding to file for bankruptcy is an intimidating experience. It becomes even more so as the process...
Read More

8 Ways Debt is Bringing You Down

Why Debt is Negative and Holding You Back Debt is a burden for many people. Those who have just a...
Read More

3 Reasons Why Bankruptcy Cases Get Dismissed and What This Means for You

Bankruptcy Case Dismissed There are two possible outcomes for those filing for bankruptcy. It doesn’t matter if you qualify for...
Read More

Who Files for Bankruptcy?

Should I File for Bankruptcy? If you’re considering bankruptcy and you feel as if you’re the only person in the...
Read More

3 Reasons Your Student Loan Debt is Ruining Your Financial Future and How Bankruptcy Might Help

Student Loan Debt Taking out a loan or multiple loans to attend college is nothing new. Students have been using...
Read More

What Happens If You Miss Your 341 Meeting?

341 Meetings are One of the Most Important Obligations in Bankruptcy There are several requirements you must meet when you...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy

Bankruptcy Book

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay OnlineBankruptcy Courses

National Association Of Consumer Advocates Logocomodoavvo1avvo2avvo3LEA
BBB LogoRG Seal

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Bankruptcy Lawyers Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.