Bankruptcy is a legal process that can eliminate most unsecured debts, including payday advances, although it might have serious consequences for the borrower’s credit rating and financial future. Some payday lenders might require borrowers to supply a copy of the tax returns or other financial documents so that you can approve the money. The high interest rates on payday loans make them an extremely expensive type of borrowing. Some lenders may report pay day loans to credit bureaus, potentially damaging the borrower’s credit score and rendering it more difficult to access credit down the road. Payday loans are usually small loans, starting from $100 to $1,500. Some payday lenders might require borrowers to deliver proof of income, such as a pay stub or bank statement, to be able to qualify for the borrowed funds. Borrowers should only borrow just as much as they can afford to repay, and will not rely on payday loans as a regular way to obtain credit.
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