THE TIMING OF PAY DAY LOANS MAY POSE A PROBLEM WHEN FILING BANKRUPTCY. The purpose of bankruptcy is to help borrowers get a fresh start when they become unable to pay their debts. However, there are certain checks on the process to ensure its not taken advantage of. For example, you cannot run up a considerable amount of debt and get payday loan immediately declare bankruptcy.
In the case of Pay Day loans, the general rule of thumb is that any loans for more than 750. 00 and that were taken out within 70 days before the bankruptcy are considered fraudulent.
But in my case, it only took one week for me to get an approval message from them that my loan amount was ready for claim. It has been an easy transaction for me, and I am guessing it helps that I. Unlike other banks, BDO is no longer mailing account statements of your loan due date. Instead, get payday loan sent me a loan card, indicating my monthly due amount and date. Payment scheme was also more convenient with BDO because they accept over-the-counter payment, or savings deduction.
I chose the first option than issue them post-dated check or have them deduct my monthly dues to my savings account.
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