Payday loans are a terrible way to obtain money and should only be used in an emergency when the loan can be paid back immediately. They are not intended for long term loans because the interest rate soars as the debt remains unpaid. Rates as high as 500% per year are not uncommon. The results of not paying back a small loan on time will be disastrous.
Many lenders use unscrupulous and misleading business practices to snare customers and their contracts always favor the lender. In some cases they require a credit card and will begin to bill interest payments to the credit card. Lenders often use unethical and sometimes illegal methods of collecting their debts. Payday loans and cash advances are illegal in many states.
Check your state laws. Many states have made payday lending illegal due to high interest rates. In these cases, your loan may not even be enforceable. Your state financial regulator or attorney generals office can help you. If your state allows payday lending, then they could take civil action and sue you in court for default. No different than defaulting on a credit card. They cannot make threats of arrest, etc. Many will try to threaten you. Look up the Fair Debt Collections Practice Act. You may find that the collector is violating the law themselves.
If you can not pay back a payday loan the account can go into collections until repaid. The payday loan company may also file a claim in court. Failure to pay back a payday loan will not result in jail time.
If you don't pay a payday loan, you can have a judgment brought against you. They can also fine you a pre determined amount.
You have to pay back the money between two to eleven years, depending on where you took the quick payday loan from and what company they work for and give to.
Any lender has the right to sue regardless of the reason if you choose not to pay them back. Leaving a state where you took a payday loan is not a reason for a payday lender to sue you - not paying them back is.
You can't get a payday loan without a payday. The loan is made as an advance on your next payroll check. If you are unemployed they have nothing to lend on and have no reason to believe you have the means to pay it back.
To pay back the payday loan, you will need to have a job that allows you to make payments. It is a good idea to pay it off as quickly as possible because many loans have high interest rates or penalties for late payments.
A payday loan maybe a good idea if you can pay the money back as soon as you get your pay check. Also you can avoid late fees from paying bills late, so if the interest from the payday loan is less than the fee of paying the bills late, the payday loan would be a good idea.
Pay it back asap. Interest rate is astronomical
You generally have 14-30 days to pay back a payday loan. Be careful not to "roll over" the loan and accrue new fees and charges. That's how these slimballs get you.
Yes, payday lending is the exact same as a payday loan, but sometimes people call it different things. It is for those who need a very short term loan until they get paid at work, at which point they pay the loan back. This usually comes with a high interest.
A payday loan is a very risky way to obtain extra money. When you get a loan, you obviously have to pay it back eventually, and by the time you pay it back you will end up wasting a lot of money on interest and possibly on late fees. If you don't have the money now to pay for what you need, what makes you think you will have enough money plus extra to pay back your loan later?
It depends on how much money you need. If you can pay back the money very quickly and by your next paycheck, it is best to get the payday loan. However, if it will take between a month to three months to pay back the loan, your best option is the short term loan.