Payday Loans
A payday loan is short-term loan. For people with steady incomes who just need a small amount to cover expenses until the next payday, payday loans offer the opportunity to borrow that money. With the downturn in the economy, these financial products have increased in popularity. While payday loans can help people get through a month or two, the interest rates are astronomical. Falling behind on making payments can be catastrophic, as the high interest rates roll over into the principle and compound the costs exponentially.
As often as not, payday loans prove to be one of the chief causes of bankruptcy rather than solutions to people's financial distress.
More than 10,000 bankruptcies filed
Let Us Help You
At the Law Offices of Farnsworth Mortensen, PLLC, our legal team has been helping Arizona clients find debt-relief solutions for more than 20 years. If you have been caught in the trap of a payday loan or similar financial trap, our attorneys can help. Our firm's commitment is to helping our clients find a way out of their debt problems — a way out that is personally tailored to meet each client's specific needs and goals.
Changing Laws in Arizona
In 2010, Arizona effectively banned the payday loan industry. It is no longer legal to run payday loan operations in the state. However, demand for small, short-term, high-interest loans still seems to be present, as auto title loan and registration loan operations continue to thrive. While the specifics vary, these loans have much the same end result to consumers as payday loans.
Contact Us for the Help You Need ∙ Free Consultations
If you have taken one of these loans, and you might miss a payment, the interest rate will pile on top of the principle and your debt can spiral out of control in a very short time. Do not wait. You can talk to one of our lawyers in a free, confidential setting. We will help you understand your rights and options for regaining control of your financial future. Call 480-820-3600 in Phoenix, 520-298-3300 in Tucson, 888-634-0000 toll-free, or contact us online to schedule your free initial consultation.
