Recent federal law caps the interest rates they can charge military personnel. Many states specifically regulate payday lenders; some outlaw them altogether. Others regulate happy cash payday loans rates, or have general regulations regarding taking a post-dated check, and the length of time a check can be held.
But in states where such loans are legal, and largely unregulated, (like South Carolina) payday lenders are thriving, and they are an issue in many bankruptcy cases. For the most part, payday loans arent treated any differently in bankruptcy than any other unsecured loan. The fact is that a post-dated check basically takes the place of a promissory note.
Many of my clients, however, worry that they will be arrested for passing a bad check, and many payday lenders encourage that belief. But writing a post-dated check to a payday lender is different from passing a bad check at the grocery store. When you go pay for goods or services with a check, you are representing that there are funds in the advance til payday nine mile road to pay the check.
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