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What happens if I can't repay an easy payday loan on time?

Updated: 9/10/2019
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14y ago

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When you signed your contract for a loan, by law there should have been an obvious penalty clause that explains the interest penalty if you are late repaying the loan. This is typically includes both a flat fee and an incresase in your interest rate. Your contract will have your specific details.

If you cannot repay a payday loan on time, then you will be charged a penalty by the lender. What the amount of the penalty is, depends on the contract you signed with your lender.

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Q: What happens if I can't repay an easy payday loan on time?
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