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What happens of you don't pay back a payday loan in Texas and you gave a post dated check?
Wiki User
∙ 13y ago
If you gave a post-dated check and there is enough money in your account when the lender attempts to cash the check, you will effectively be paying back the loan.
If your account does not have enough money at the time the payday lender attempts to cash your check, you will likely be hit (by your bank) with a Non-Sufficient funds fee, which you will HAVE to pay, regardless of whether or not you pay the payday loan back.
In general, most payday lenders will attempt to collect the debt and will not sue you for the balance, however, providing ANY check in Texas and intentionally not having funds in the account is considered fraud. The payday lender, in this case, may "whisper in someone's ear" that you gave a bad check, which could result in fraud charges by the state.
On the bright side, if convicted of fraud, the payday lender will likely leave you alone since you will have little recourse to pay.
Wiki User
∙ 13y ago
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In a payday loan what is considered collateral?
Post dated check.
Could be considered a crime a check given to secure a payday loan?
Checks given for payday loans are generally post dated. This means if the money is not there for the loan to be paid it is considered fraud and a crime. Also if the check is a rubber check or fake.
Which of the following types of taxes is not levied by Texas state government?
post dated check
What does the process of payday lending consist of?
The process of payday lending consists of the lender supplying a short term loan for a flat fee. The loan is unsecured but the lender will usually require proof of employment or income. The borrower writes a post dated check and returns on the due date to repay the loan. If the loan is not repaid the lender will cash the check.
Can you get a personal loan with poor credit?
If you have poor credit it may be quite difficult to get loans..You can look at other options like Payday loans also referred to as cash advance loans, check advance loans, post-dated check loans, or deferred deposit loans. Such loan providers do not do a credit check and are very easily attainable. You can avail payday loans on the same day itself .
What is postdated cheque?
It's a check that's dated after the date it was written. Banks used to not honor checks before the date that was written on them, so people would send a check dated after payday to pay the gas bill or something. These days, if a check shows up at the bank they'll process it no matter what the date is on it...so don't write any more postdated checks.
Can you cash your check for January 3rd today the 31st?
No, a check dated in the future is a post dated check. Banks won't knowingly cash a post dated check.
Can you get arrested for doing a stop payment on a post dated check for a payday loan company?
Answer 1No but they'll turn it over to collection and sock you with a HUGH collection fee. And of course you'll never be able to use their services (or any other payday loan places for that matter. They all keep in touch with each other for that very reason) again. Answer 2In Texas, if one stops payment of a check to anyone, the person to who the check was presented can go to the localDistrict Attorney's office, file a criminal complaint, and after an investigation, the DA can file criminal charges against the person who presented and stopped the check. Such charges usually don't involve an arrest, UNLESS the actor fails to properly respond to a Summons which will be issued. I'm not positive, but I think the Texas statute and charge is something about theft of services by conversion.Anyway, stopping a check to anyone can result in a lot trouble, unless you can legally justify it. j3h.
What is the process for getting a loan at Check Into Cash?
Check Into Cash, a well-known payday loan provider, has business operations that are similar to other payday lenders. The process is summarized as follows: (physical store) * Provide identity, employment and checking information to store associate * With the basic information, the company will try to approve the loan * (if not approved) Provide copies of paystubs to store associate * Once approved, you will find out how much the organization will lend you * Write a postdated check to Check Into Cash for the amount being lent (dated for your next payday) * Check Into Cash will give you the amount less the "origination" fees associated (generally $7 to $25 per $100 lent) * In between now and payday, you may go back to Check Into Cash and extend the loan by paying "extention" fees (same as the origination fees) * When you finally reach payday, after all extentions, Check Into Cash will cash your check (Internet/online/kiosk) * Enter identity, employment and checking information into web form * With the basic information, the company will try to approve the loan * (if not approved) fax pay stubs to the company * If approved, you will be asked to authorize your checking account for electronic payments (in and out) of the account * Check Into Cash will depost the money into your account (less origination fees) the next business day * In between now and payday, you may go back to the website and extend your loan, whereby the extention fees will be debited from your account * When you finally reach payday, after all extentions, Check Into Cash will debit your account for the original loan amount
What is the law on Post dated checks in Texas?
Post-dated checks are generally legal and can be written in Texas. However, banks are not obligated to honor post-dated checks and may cash them before the specified date. It is recommended to communicate with the recipient of the check to ensure it is not cashed before the intended date.
How does one get a payday loan?
Payday lenders are quite similar in the process that borrowers undertake in order to get a loan. The generic process is summarized as follows:(physical store)* Provide identity, employment and checking information to store associate* With the basic information, the company will try to approve the loan* (if not approved) Provide copies of paystubs to store associate* Once approved, you will find out how much the organization will lend you* Write a postdated check to Check Into Cash for the amount being lent (dated for your next payday)* Check Into Cash will give you the amount less the "origination" fees associated (generally $7 to $25 per $100 lent)* In between now and payday, you may go back to Check Into Cash and extend the loan by paying "extention" fees (same as the origination fees)* When you finally reach payday, after all extentions, Check Into Cash will cash your check(Internet/online/kiosk)* Enter identity, employment and checking information into web form* With the basic information, the company will try to approve the loan* (if not approved) fax pay stubs to the company* If approved, you will be asked to authorize your checking account for electronic payments (in and out) of the account* Check Into Cash will deposit the money into your account (less origination fees) the next business day* In between now and payday, you may go back to the website and extend your loan, whereby the extention fees will be debited from your account* When you finally reach payday, after all extentions, Check Into Cash will debit your account for the original loan amount
Is it legal to write a post dated check in Pennsylvania?
Yes, it is legal to write a post-dated check in Pennsylvania. However, banks are not obligated to honor post-dated checks, so there is a risk that the check could be deposited before the date written on it. It is recommended to communicate with the payee about the date the check should be deposited.
