What happens when you fail 2 repay a payday loan?
Posted on Sunday, November 1, 2009 in Personal Finance
wut’s a girl 2 do? asked:
I have an outstanding payday loan and they want to take me to
court. I wrote a check for the loan and it bounced and I have paid on the loan since but haven’t been able to pay it off. I really don’t want to go to court but they aren’t willing to work with me. Can anyone tell me what happens at that point?
Benjamin
I have an outstanding payday loan and they want to take me to
court. I wrote a check for the loan and it bounced and I have paid on the loan since but haven’t been able to pay it off. I really don’t want to go to court but they aren’t willing to work with me. Can anyone tell me what happens at that point?
Benjamin
Maurice
If they win a judgement against you, they may be able to garnish your wages.
Michele
You will have to pay them. Generally, the courts will have your check garnished.
Duane
I used to be a manager for Check Into Cash, and depending on when you took the loan out you can not pay for up to two months prior to paying. Since the check bounced, depending on the amount, that is a felony in most states. I would find relatives, anyone to get it paid as prior to going to court.
Jeffery
They will get a judgement against you and possibley garnish your wages. They will also trash your credit but since the reason you got a payday loan to begin with is probably because you’ve already done that , that part shouldn’t bother you.
Leroy
U get a bunch of NSF’s in ur account, and eventually if you fail to make payment schedule with them, it’ll go to a collection’s agency and it reflects bad on ur credit score.
Pay it, trust me you want to!
Brett
you go to jail.