I want to know if all payday loans have the same rules, then when it come to not being able to pay back on time, I know some has extended payment plans and some say that they don't unless the check is returned from your bank
Legal
payday loans are required to be paid off on time and with the interest
rate. If you don't repay the loan, the lenders can sue you to sell the
debts to the collectors. However, illegal lenders (who have no right to
lend money in a state where payday loan is illegal) can't take you to
the court for the due. You just need to repay the principal amount.
If the lenders are legal ans you can't repay the loan, then talk to the
lenders for the extended payments plan by explaining your financial
hardship.
Every
state have their individual payday lending rules. Different lenders also
have different set of rules when it comes to money lending. So, it is
quite natural that they might have separate payment terms. Normally
illegal payday lenders may give you easy repayment options..but not
necessarily.
All
payday loan companies have to abide by the state laws. Unfortunately,
many lenders don't follow the state laws. Hence., problem arises.
Usually, CSOs offer extended payment plans. They are bound to offer
extended payment plans when borrowers are unable to pay off loans.
Illegal lenders don't offer extended payment plan.
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If the lenders are legal ans you can't repay the loan, then talk to the lenders for the extended payments plan by explaining your financial hardship.
Sub: #1 posted on Fri, 04/19/2019 - 06:29
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Sub: #2 posted on Sun, 04/21/2019 - 22:57
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Sub: #3 posted on Mon, 04/22/2019 - 00:28
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