Can I get arrested for default of payday loan?

I don’t think so. I haven’t heard anyone getting arrested due to default of payday loan. But there are certain things that you should know which can help you in dealing with the payday loans.

Payday loans are regulated by the payday loan laws of the state. Please check the payday loan laws of your state here. But there are some states where payday loan companies operate as Credit Service Organizations (CSOs) to avoid the regulation of pdl laws. Some of those states where many payday loan companies operate as CSOs are listed here. To know more on payday loan companies acting as CSOs, read this information.

What happens if you don’t pay a payday loan?
I have come across this question many times. To answer this question, first of all I have to tell some basic points. You can get a payday loan either from a store front or an internet/online payday loan company. Both of these are regulated by laws. To know more, read along. Read the rest of this entry »