Have you recently taken out a payday loan or cash advance to cover an emergency bill? As this article points out, these loans are typically meant to be paid back in two week, but are they ever? Typically the result of taking out a payday loan leads to a never ending cycle of repeat loans. The absurd interest rates are in essence, loan sharking. Once the interest cycle begins, the borrower is never able to repay any principal.
Many times consumers use this as a last option but this scenario rarely ever ends well. If you have found yourself trapped in an endless payday loan cycle because you were left with no other options, you may want to contact a professional to help you out of this mess. A debt settlement attorney that specializes in this area may be able to help you regain a financial foothold.