ANSWERS: 10
  • No, but my cousin Silvio might be paying you a little visit. LOL
  • A loan is a loan is a loan. No - but you can be sent to collections and they can screw up your credit.
  • No, but the longer you go without paying, the more fees you'll have to pay if you later decide to pay off the debt. At worst, they'll take you to court and you'll have a judgment against you and you may have your wages garnished. Usually payday loans work by postdating checks. If you default, odds are that you'd be overdrawn at the bank. In that case, you'll probably be reported to ChexSystems and have problems getting another bank account. For future reference, at least pawn shops are regulated and don't put your collateral up unless you don't pay within a few months.
  • No but they can garnish your paycheck I know that's what they told my husband that they are going to do to him.
  • It is a crime to write a bad check. So if you took the loan knowing that you would not be receiving a paycheck, yes.
  • No, debtor's prisons are illegal as a matter of US law; it was one of the differences from English law that the framers wanted to establish.
  • The US doesn't have debtor's prison, but I don't know about elsewhere.
  • To make sure you haven't written a bad check, which is a crime, send your lender a certified letter, fax with a confirmation sheet or email -- send them something where you can verify you gave them notice -- that you do not have funds to cover the check and they should not deposit it. In many states they are not allowed to cash the check or do the automatic withdrawal. You will still owe the money, but you will not have committed a crime. For more information on how to deal with a default see http://www.quickcashnigeria.com/Can-I-Be-Arrested-For-Default-On-Payday-Loan.html
  • you need to read the papers you signed. the small print. you could lose your car. and your life as you know it. you dont want to default on any loan.
  • Absolutely not. Life can still be made a mess from this but at least you will not have a criminal record. Having a bad credit history can prevent you from getting some of the good things in life though. You can do a background check on yourself checking your arrest record and any bankruptcy records: http://www.USRecordsDatabase.com

Copyright 2020, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy