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Thousands of consumers who borrowed money from payday loan companies after October 2017 may discharge their loans and, in some cases, also receive cash compensation, but sadly most of them are unaware of their rights.

Payday loans are small loans, generally in the $150-$400 range, repayable in a few weeks when the borrower is due to receive a paycheck or some other scheduled payment. Because payday loans are targeted to people in financial trouble, there are few borrowers who can pay off their loan at that point. According to a recent study, 91% of all payday loans are made to borrowers caught in a cycle of repeat borrowing with five or more payday loans per year.

Many consumers who take payday loans are not able to repay them. To protect such borrowers, the State of Nevada has enacted the law that prohibits lenders from making loans to consumers unless it is determined that a customer has the ability to repay. If a payday lender does not make a proper determination of a customer’s ability to repay, the loan may be voided.

In addition, payday loan companies are known for their aggressive debt collection practices. They often engage in harassing, threatening, unprofessional, unfair and illegal communications with their defaulted borrowers in their attempt to collect the debt.

THERE ARE HUNDREDS AND THOUSANDS OF WAYS THAT CREDITORS AND DEBT COLLECTORS VIOLATE CONSUMERS’ RIGHTS. THE RULE OF THUMB IS IF A DEBT COLLECTOR OR CREDITOR IS CONTACTING YOU, THEY ARE MOST PROBABLY BREAKING THE LAW OR THEY ARE ABOUT TO.

Quick version: If you took out a payday loan after October 2017 and was unable to repay it, you may be entitled to void the loan and, in some cases, to receive cash compensation. Applying for a claim evaluation is quick, free and 100% confidential.

It is absolutely unacceptable that payday loan companies are making loans to customers who don’t have the ability to repay them.

When such customers fail to repay, lenders harass and threaten them often in violation of federal and state laws. Good news is that the Fair Debt Collection Practices Act, and state laws, such as, for example, Nevada Revised Statute 604A, provide strong protection for consumers and also entitle consumers to receive cash compensation if violations occur.

Payday Customers Who Are Likely Entitled to Discharge Their Loans:

  • Took out a loan after October 2017;
  • Could not afford to repay it.

In addition, some of the common violation of debt collection laws that may entitle consumers to cash settlements are:

  • Lender or debt collector failed to identify itself when contacted you,
  • Lender or debt collector contacted a third party about your debt,
  • Lender or debt collector harassed you,
  • Lender or debt collector used profane or otherwise abusive language in an attempt to collect the debt;
  • Lender or debt collector stated that non-payment of the debt would result in your arrest or imprisonment;
  • Lender or debt collector threatened to garnish your wages before receiving a garnishment order.

This list is rather illustrative than comprehansive. There are hundreds of ways in which lenders and debt collectors may violate your rights. Applying for your claim evaluation takes less than 60 seconds.

Some People Are Worried That Applying For A Claim Evaluation Will Require Out-Of-Pocket Expenses

Sadly, some victims will not apply for an initial claim evaluation because they are worried that this service will require out-of-pocket expenses.  This is not only wrong, but it’s in fact, quite the opposite.

Applying for an initial claim evaluation free, confidential, and there is absolutely no cost.

Maybe What Happened To Me Wasn’t That Big Of A Deal

Many victims will downplay what happened to them and will try to push it to the back of their mind. Not only do these potential violations of our rights cause emotional distress, frustration, and financial difficulties over time, but our inaction is the very reason why payday companies have gotten away with these practices for such a long time.  And it needs to stop.

No matter how minor violations may seem to you, companies may still be obligated to discharge your loan and, in some, cases compensate you. Click below to apply for a free and 100% confidential initial claim evaluation today. 

Take one step closer to protecting your rights and, most importantly,  claim what is yours for yourself and your family…

This article may be considered an attorney advertisement in some states. Law firms responsible for it are Hyde and Swigart, APC (attorneys licensed in CA, WA, AZ, FL) and Kazerouni Law Group, APC (attorneys licensed in CA, NV, AZ, UT, WA, TX, IL, FL, NY, MI, UT, CO)