Question : What happens if a cash advance loan goes unpaid?
I have a cash advance loan out and don't have the cash to pay it back. If the post dated check goes through I will be in major debt. I wanted to put a stop payment on my check. What action will the lenders take?
- asked by pretty_girl_tc
All Answers:
Answer #1
A goon will appear and shoot your kneecaps.
- answered by none
Answer #2
They will take you to collections and keep callingyou daily and your references. They may also taketo to small claims court after a while to try toget their money. If your worried about bouncingthe check and getting in trouble legally, don'tbe. The payday loan is a loan and nothing more. The only action they can take is the same as ifyou didn't make your credit card payment.I hopethis helps you. I hate payday loan places,because of their predator loan practices.
- answered by smarttrader101
Answer #3
They will harras the hell out of you by callingyou at your place of employment, at your home. Depending on the size of the loan they may startlegal procedures but that is usually for amountsover 1500. If they are one of the kinder onesthey will offer for you to pay it in 2installments as oppossed to the lump sum. If itgoes unpaid for 1 full year, they will charge theamount off and sell your account to a collectionagency who will probably offer you a settlement of50 to 70 percent of the balance.
- answered by OG
Answer #4
They will probably either send bill collectorsafter you, or they will pursue legal action.
- answered by ♥Catherine♥
Answer #5
I hate payday loan places, because of theirpredator loan practices? What a typicaluneducated statement.It is predatory not predator. What is more predatory? A short term payday loanthat charges you a fee of $15 to $25 per $100loaned for two weeks or a $35 NSF and dailyoverdrafts that can cause more NSF fees from abank?You needed a loan that apparently you werewere unable to get from your bank and now you wantto forgo paying it back by placing a stop paymenton the check. You received a service for a feeand stopping the check for false reasons isfraud.Depending on who you received your loanwith, they could cause you a lot of grief. Ifthey are reputable then you should call them towork out a payment plan (not a rollover option). No lending institution wants a loan todefault.Good luck
- answered by Tim S
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