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What is the penalty if I am a month late repaying express pay day loans?
Wiki User
∙ 14y ago
The penalty is detailed in the contract for the loan. It is likely that fees will be added to your principal balance (as is the interest) and that the interest will be increased to the maximum allowed by law. It is possible in the case of a payday loan to end up owning 500% to 600% percent of what was borrowed in just a few short months after penalties and interest are added. Nothing screams "Buyer Beware" like a payday loan.
Wiki User
∙ 14y ago
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