Pay day loan organizations provide a short-term loan of a few hundred bucks which will be repaid in the borrowerвЂ™s next payday.
The borrower usually writes a post-dated check to the lender to obtain the loan. Often the pay day loan loan provider will demand a declaration that the debtor is certainly not considering bankruptcy, and, often, that the debtor will not register bankruptcy in the foreseeable future.
Guarantees never to file bankruptcy aren’t contract that is enforceable and tend to be considered void against general public policy. Nonetheless, if somebody falsely represents she is not contemplating bankruptcy to obtain a loan, the debt may be determined non-dischargeable in bankruptcy and the person may have committed a criminal act of stealing by obtaining the loan under false pretenses that he or.