What happens if one does not pay a pay day advance back?

MarknAnn

LoanSafe Member
Oct 15, 2012
4
0
0
I have received some great advice here recently about consolidating my payday loans but I am just curious what the consequences may be if I do not pay these loans back? I have three payday loans I am still trying to take care of and the interest rate on two of them has increased a lot since I got the loans.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I have received some great advice here recently about consolidating my payday loans but I am just curious what the consequences may be if I do not pay these loans back? I have three payday loans I am still trying to take care of and the interest rate on two of them has increased a lot since I got the loans.
Unfortunately, payday loans have the highest interest rates possible and the you may continue incurring interest charges until the loan is satisfied. Depending on what state you are located in and the payday loan laws, they may be able to actually file a suit against you or attempt to garnish your bank account or wages to take care of the loan. However, they must obtain a court order to do so. You will definitely want to work on trying to settle with them or possibly consolidating the loans like the other thread you have posted. If they have already threatened to file a suit, you may want to use the link below and find an attorney in your area to go over your situation.

National Association of Consumer Advocates | Consumer Protection Advocates and Attorneys - Help for Consumers