by 3 hours ago
ANSWERS: 14
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The same will happen as with any other unsecured loan: - Interest and late charges will accumulate on the outstanding balance. Given the outrageous charges that payday loan companies levy, you are quite likely to end up paying punitive charges equal to or greater than the amount you borrowed. If I did this, it would be called loan-sharking. - The lender will likely apply to the courts to have your income garnished. In the jurisdiction where I live, only welfare payments cannot be garnished. Unemployment insurance benefits, on the other hand, can be garnished - it just takes a little longer to have the garnish put in place. - The lender will file a report with a credit rating agency that you have defaulted on a loan. That report will remain on your credit record, until you have paid the loan in full and the lender has revised the entry accordingly.
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Payday loans are usually secured with a post-dated check which the lender will submit to your bank for payment if you default on the terms of the loan repayment. If the check does not clear your bank then the lender has the same recourse as any other merchant that you bounced a check to.
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You pay even more of a stupid tax then you paid taking the loan out in the first place.
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Usually you can speak to them and they will hold off on depositing the same on your next payday. However, the interest will be more expensive the next time. You can put off the payment until your next payday, but it will be more expensive.
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Some companies offered a 3 months payday loan in which if you are not able to pay your loan by the next payday, you can pay it upto 3 payday.
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This happened to me and this is exactly what happened, I called the manager and she said she would 'try' to hold it but it was up to her district manager and the next thing I knew when I checked my bank account the 2 checks they hold for security on the loan went right through my checking account. So I called her and she informed me that her district manager took all the non paid accounts and put them through, no phone call, no warning, nothing. And she said there was an additional 50 fee. Hope this helps
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No money mo money
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You can be sued in civil court and liable for the damages. They can't arrest you, as some companies try to threaten with, but if they do you should immediately contact your local state attorney and find out what legal ground you have to stand on. However, you signed a contact and that is binding in court, so legally you are responsible for paying it back. The fees and interest will keep occurring so it's a good idea to get it paid as soon as possible.
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This is a tough one. Unfortunately, your lender holds you liable. If you could just cut back on your spending as much as possible you might be able to pay off your loan. Sorry to hear about this one.
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They can't arrest you if you are not able to repay your payday loan, it is considered as a civil matter. The lender can make a petition against the borrower in civil court and receive a judgement to use against property or income belonging to the debtor to collect the debt owned.
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Anyone listening - DO NOT EVER TAKE THESE LOANS OUT - THEY CAN CHARGE AS MUCH AS 375% - YOU MIGHT AS WELL AS FEED THIS TO THE DOGS - AT LEAST THEY WILL ENJOY THIS! RUN, RUN, RUN, NO SPEED AWAY!. I also have heard they are doing this to our military men and I think that makes this kind of company pure scum and even evil!
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Typically you will be charged with more charges for non-payment. Therefore its better to sort out the things in beforehand with the payday lenders, if you fell that you will not be able to pay back the loan in the desired time.
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you are in another type of boat that needs bailing too.
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We send Big Louie over to breaka you fingers.
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