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What happens if you don’t pay a payday loan?

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You have to realize that you are required to pay a payday loan back. There are consequences if you fail to do this.

Payday loans can offer fast emergency cash for customers who don’t have access to credit cards. But, they usually have high interest rates. If you take out a loan for a few weeks so that you can repair your car and pay the loan back when your next paycheck comes in, you’re fine. You will pay a high interest rate for a few weeks’ worth of money, but in an urgent situation like this, payday loans can be a godsend.
In addition, you should be aware that in some jurisdictions, you can be detained for not paying back a payday loan. You could never be arrested for failing to pay off a credit card, so why does defaulting on a payday loan can send you to jail?

The easy answer to this is that in order to secure a payday loan, you wrote a post dated check. There are places where you can be arrested for writing a bad check. It is very important to check the fine print on the agreement you sign when you are securing the loan.

One issue is that your interest will prolong to occur as it was contracted in the loan agreement, and that amount can end to be very high, in some cases even several hundred percent. This means that if you fail to pay, you will be liable in civil court for the damages, and those can be very high. Some states even impose double damages so the legal stand point is very risky and it is very probable that the lender will win, particularly if the contract is legal and valid in the state it was issued. The second issue of this deal is whether or not a person can be arrested. Some lenders make threats to call the police on people that don’t repay their loans, but in most states this action is also illegal, and if a lender does use threats to have a person arrested for not paying a loan, then that person should instantly contact their state’s attorney for clarification.

Just be aware of what might happen if you don’t pay a payday loan.

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