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Pay Day Loans

What happens if you default on one! Husban lost major hours at work and I need all the funds to make rent this week, I don't know what will happen if I can't pay the extension. The check used was one they were holding but there is no money in the account so it will bounce , what else can they do or what should I do, they said they can't work with me., I have never been in this situation before and EVER had to use this but had no choice.

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Anonymous

Asked by Anonymous at 1:30 PM on Nov. 1, 2010 in Money & Work

Answers (21)
  • call your bank and put a stop payment to that company , if that don't work it will cause your bank to go into the negative, other then screwing over your bank and credit that is about all will come of it,
    mnmommy83

    Answer by mnmommy83 at 1:33 PM on Nov. 1, 2010

  • They can attempt to deposit the check and cause the check to bounce. Then, they can charge you an outrageous non-sufficient funds fee. Also, the bank is going to charge you for writing a bad check. If the check is over a certain amount, you can be arrested for bouncing a bad check.

    The pay day loan company can take you to court for defaulting on the loan, and can get every penny back plus an very high amount of late fees. Good luck.
    xxlilmomma09

    Answer by xxlilmomma09 at 1:34 PM on Nov. 1, 2010

  • You can't default on one unless you close out your account. I have had a few and they make it difficult for you to default. Instead, here's what they do. I borrowed $300, they took $90 every two weeks out of my account until I paid the loan off in full. The $90 was the finance charge. So the sooner you pay it off the less money you spend.
    Musicmom80

    Answer by Musicmom80 at 1:34 PM on Nov. 1, 2010

  • Sorry! So what I'm saying is, stick it out and come up with a plan to pay it off.
    Musicmom80

    Answer by Musicmom80 at 1:35 PM on Nov. 1, 2010

  • you cannot get arrested... trust me.. lol when i was 18 i was dumb and into drugs and ya.. i wrote 10k in bad checks! and ya never ONCE had any threats of being arrested! just messed up my credit and debt and ya.. I finally at 26 have it all paid off and starting over...so its not going to lead to jail just sucks to pay all them fees and what not, and they can take you to court but if you don't have the cash to pay nothing they can really do, its not criminal court its civil and if you have checking protection you don't get a bounced check fee a NSF fee is 25.00 but if you have checking protection least with wells fargo they pay it and you owe them the amount of the bill and no SF fee is acquired
    mnmommy83

    Answer by mnmommy83 at 1:38 PM on Nov. 1, 2010

  • You can get arrested for writing bad checks, lol.
    xxlilmomma09

    Answer by xxlilmomma09 at 1:40 PM on Nov. 1, 2010

  • actually you cannot get arrested for them.... trust me i know all to well about bad checks and all of it but hey if you know it all and you think that then good for you and thanks for the vote down over it lmao
    mnmommy83

    Answer by mnmommy83 at 1:43 PM on Nov. 1, 2010

  • OR maybe you can in ur state but i know in mine they do NOT arrest for bad checks...
    mnmommy83

    Answer by mnmommy83 at 1:45 PM on Nov. 1, 2010

  • Um yes you can. If the state chooses to pick up the case, you can be prosecuted for it. I know someone that did jail time for writing a bad check to buy a car.
    Musicmom80

    Answer by Musicmom80 at 1:46 PM on Nov. 1, 2010

  • They cannot arrest you for a bad check to a payday lender! They can send the check through, and both your bank & the lender can charge you a NSF fee. However, in that situation, the check is the security of the loan, like a lot of people have a car or truck securing a loan.
    I would call the payday lender, and tell them, that I will not be able to come in this week as I had planned and pay them. However, i would be in (give them the date) to pay them. Then stick to it! Regardless, be there on that day to pay the loan. IF they say they are going to have to put the check through your bank, tell them fine, that the account is active and in good standing, but they will probably get it back NSF and to contact you when they do.
    mommy11260

    Answer by mommy11260 at 1:48 PM on Nov. 1, 2010

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