What happens if I can't repay my payday loan?

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.

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!

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.

You pay even more of a stupid tax then you paid taking the loan out in the first place.

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.

You burn. Just kidding.

We send Big Louie over to breaka you fingers.

you are in another type of boat that needs bailing too.

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.

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.

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.

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

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.

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.

Overall, the payday lender to conduct the collection in order to get their money. Some lenders will sell the debt to a collector of a third party and will do some of the collection themselves.
Depending on the situation (and the amount of money involved), the lender may Sue for you to get the government to pay them.

If this is the first time that did not pay a payday loan, you will probably get harassed for some time, but they will be unlikely to come after.

If this is the second time that did not pay a payday loan and you are working with the same company, it will surely come after for the money.

Let's see... umm... your credit is going to suck and they're going to harass you until you rip your phone out of the wall. When the harassment persists (and it will), then you will have to move to Cambodia to farm rice with laborers who will smile toothlessly at you wondering how someone so plump and clean ended up there.

Good luck!

No money mo money

i have several payday loans and i want to pay them in small amounts but they want big amounts and cant afford it i want to pay each of them 50 dollars a month what should i do
can i go to jail what happens