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I need some advice.

Date: Mon, 07/27/2009 - 19:45

Submitted by lc
on Mon, 07/27/2009 - 19:45

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Total Replies: 2


I have the following outstanding loans.
MyCashNow $1000.00
Cashnet USA $160.00
Star Advance $600
I am scared to death and will begin to default on them this Friday. What is my best course of action?


As far as I know, MyCashNow is illegal, but Cashnet USA is legal. However, I'm not sure about Star Advance. For illegal Payday loan companies, you need to pay only the principle amount borrowed and not the interest and other charges, but you need to pay the entire interest along with the principle to the legal lenders.

There is not need to scare about, as defaulting on your payday loans is not considered a criminal offense and so you cannot be put behind bars for it. However, the creditor may bring judgment against you to recover the debt which might affect your credit score.


lrhall41

Submitted by SC on Mon, 07/27/2009 - 22:25

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