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Payday loans are easily accessible even with poor credit, but they can also be deceiving and lead quickly or a debt cycle that is impossible to escape. They are attractive when you need urgent funds – including for car repairs, medical emergencies or even grocery shopping, but they also come with a high cost.

Luckily, this type of debt can be included in any bankruptcy or consumer proposal which will give you relief and allow you to escape the payday loan cycle. If you find yourself stuck with mounting payday loans it is important to seek help.


Unlike regular loans, payday loans are to be paid back in full on the agreed date. There is no option to repay in affordable instalments. If you needed emergency funds you are generally also not able to meet their monthly obligations and thus also cannot repay the payday loan as required – so you are forced to borrow again. It quickly becomes a cycle of borrowing with higher and higher costs to the borrower.

Payday loans typically impose high interest rates in excess of 300%. Often if you’re stuck in the loop for a whole year – renewing the loan every 2 weeks – you would end up paying 360% interest, in addition to any fees.

About 80% of borrowers renew or roll over their payday loans within two weeks. If done several times within 3 to 4 months, expenses could exceed the amount borrowed. This happens to about 60% of payday loan borrowers who are caught in the payday debt trap.

Generally, payday loans are a very expensive way to accumulate debt. While these loans seem like an easy solution, they often lead to financial stress if you’re unable to repay the loan.

Susan Banasco

Extremely professional service by Mr. Thatcher and his team. Mr. Thatcher and his team were always available and quick to answer any questions concerning bankruptcy. I would highly recommend this company to anyone that would require his services!

Isabel K

I have worked with Kevin and his office for many years and would recommend his services to anyone who is having financial difficulties. He is very professional and has spent many years helping people get out of tough debt situation.

Sara C

The staff at Kevin Thatcher & Associates are incredibly understanding, non-judgmental people who honestly advised me of all my options before I chose to go bankrupt. I was surprised at how easily they broke down the process for me step-by-step so I was able to meet all the requirements.

John D

I just wanted to thank everyone at Kevin Thatcher and Associates for their help. I was at wit's end and couldn't cover most of my bills. I was afraid to answer the phone ever as it might be another collector calling! I was so depressed.

Caroline C

I was looking for a bankruptcy firm and was recommended Kevin Thatcher and Associates. I initially spoke with his pleasant and knowledgable staff(Anna) over the phone. I was very impressed by her and her soft approach being in a difficult situation.

Sean C

Very kind, caring and helpful group at Kevin Thatcher and Associates.

Alan S

I was in a real bind with a lot of debt from credit cards and payday loans but I met with Kevin and his staff were very understanding of my difficulties paying. I paid for 21 months under these federal income rules, but was way cheaper than if I did nothing.

Elizabeth E

Staff is extremely kind and knowledgeable! They took a stressful situation and made it more manageable, so thankful for their expertise.

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