Why You Should Never Get an Online Cash Advance
As a Memphis bankruptcy lawyer, I’ve helped a lot of people who get in trouble with online loans and need online cash advance bankruptcy help. Whenever I talk with people considering these sorts of loans, I try to advise against them.
An online cash advance (also known as a merchant cash advance) loans you a certain amount of money straight to your bank account. A lot of people use it for relatively small loans because they believe they can pay it back easily. You can find online ads for $50 loans, but plenty of loans go all the way up to thousands of dollars.
Through an online cash advance, you can get quick, same-day cash to help with an immediate need. But unlike payday loans, they connect straight to your bank account.
Cash Advances for Business Owners
These loans began as an option for business owners who struggled to get a bank loan. They could go outside the system and get cash to start their company. It seems at the time like a great solution. But over time, those business owners may find themselves in a tough place.
Because online cash advances connect directly to your bank, they debit what you owe from your account whether you like it or not. Some lenders do this daily, meaning at the end of your hard workday you see everything you just accomplished disappear to pay off an old debt.
A lot of cash advances come with high fees and interest rates, which can lead to years of debt as the original amount you owe grows and grows. I can’t tell you how many times I’ve wished people came to see me before they lost so much money in extra fees.
Online Cash Advance Bankruptcy Help
If you took out an online cash advance that you now can’t pay, you should speak with a bankruptcy lawyer. Odds are you need a better way to deal with the debt than to continue down the path you’re on.
Our online cash advance bankruptcy attorneys can help. If you’ve taken out a loan online and now can’t pay back the debt, bankruptcy could be the perfect option. It gets rid of your debt, and with the right counseling it can even help you rebuild your credit.
If you want to get out of debt finally and for good, contact me today to discuss your situation for free.