Why can’t I get an installment only a payday loan if my chapter 7 was just discharged? 5 Answers as of December 23, 2016

I tried to take out an installment loan but the lenders told me according to the state I live in, I can only take out a loan up to 21 days. How long will this last?

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Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Why are you trying to borrow money again? Your best course of action is to stay out of debt now that you've gotten a fresh start. Payday loans are the worst of the worst. The interest is very high. I would recommend that you explore other ways to make ends meet.
Answer Applies to: California
Replied: 12/23/2016
Ronald K. Nims LLC | Ronald K. Nims
There is nothing in the bankruptcy law which prevents debtors in Chapter 7 from taking out installment loans. It sounds like the lender is trying to trap you in an extremely high interest 21 day loan which you'll have to rollover with more fees.
Answer Applies to: Ohio
Replied: 12/23/2016
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I personally have never encountered this rule. Google the rule.
Answer Applies to: Colorado
Replied: 12/21/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
Payday lending is a highly regulated business. Apparently in your state, payday lenders cannot make installment loans. So the answer is you will NEVER be able to take out a payday loan and make installment payments on it unless the legislature changes the law.
Answer Applies to: Nevada
Replied: 12/21/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
I can tell you that payday loans are a deal with the devil and will ruin your life again.
Answer Applies to: California
Replied: 12/21/2016
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