It would be funny if it wasn't so sad. If you read over the thousands of blogs about payday loan places, you really begin to wonder about the cleverness of those who frequent them. Payday loan places, that is. The only thing apparently sadder than the people who seem to be getting these exorbitant loans are those who fail to pay them back. State and federal regulations have long required payday loan websites publish and distribute borrowers' rights material with the loans they issue, yet the internet is full of questions, posted by the anxious who appear oblivious in regards to what payday lenders can and cannot do. This piece of writing will help you separate the payday loan fact from fiction.
Am I gonna get in jail for not paying my pay day loans?
Did you get arrested for not paying your water bill? In the US, there are no debtors' prisons. You can thank your founding fathers for that. These used to be in England, but they don't exist here. It really does not make a lot of sense, our founders decided. After all, if you're in prison, how can you work to pay for your bills? What can happen, however, could be that the payday lender can move forward with a civil charge against you and sue to recover the cash you owe them.
I can't pay. What are my options?
Well, whatever you do, don't disregard them. Many payday advance places will continue to work something out with you. Some require, however, that you just contact them before the loan is due to make arrangements for repayment. There is something called "hardship repayment" that a lot of do not advertise. Given our present economy, if you have had something happen such as loss of a job, you might be qualified for a repayment plan. It is essential to ask for this although and many won't be much easy about offering.
What's a repayment scheme?
Instead of rolling over the loan and continuing to pay interest, a payment plan, also termed as hardship repayment plan, converts the loan, if you will, into a longer term loan. In this way, your entire loan is broke up into many payments, usually not more than four, and the interest or finance charges end. So, if you borrowed $500, which, with the finance charge would be $588, that repayment scheme might look something like four payments of $147 to be made every two weeks (every pay day).
Are they really permitted to call me non-stop?
Sadly, yes. You can request them to stop calling you every hour on the hour, but they may not be a third party collector and so legally allowed to make contact with you ad nauseum, if they choose. You can however ask them not to call you at work
See, you got yourself into this mess and now you will have to get yourself past this mess. Part of this needs you take action and make yourself aware of your rights and options. Get the phone and call. It might not be easy, however , you might be surprised that several companies are willing to work with you.
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Did you get arrested for not paying your water bill? In America, there are no debtors' prisons. You can thank your founding fathers for that. These used to exist in England, but they do not exist here. It really doesn't make a lot of sense, our founders decided.
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