Can payday lenders send me to collections?
So, I’m thinking to stop making payments on payday loans for a while. I will have a talk with the bank after a few days. Any advice?
What is your debt amount? Who
What is your debt amount? Which state are you from? Who is the lender? Have you checked if they are legal?
Licensed payday loan lenders
Licensed payday loan lenders can send you to collections. They can call you everyday for payments. They can add extra interests. Plus, your credit score will tank too.
Yes, credit cards, house rents and utility bills are more important than payday loans. So, you can have a talk with the bank and put a hard debit check on your account. If these lenders are not licensed, then you have nothing to worry.
Remember, every bill is
Remember, every bill is important, so you have to manage your finances well to pay all your bills properly including your payday loan bills.
A payday loan policy depends on state's law and the authenticity of the lender. Payday loans are usually high in interest and you have to pay the late fees if the amount is big. Yes, not paying the payday loans on time affects credit score negatively. If you default, then you have to face collection calls too.
EPP (extended payment plan) is a good option for those who're facing a problem with a payday loan bill. However, you have to meet some criteria for qualifying EPP. If you want to know more about it, then revert so that I can explain you elaborately.
Submitted by Sanders Patricia on Tue, 05/31/2016 - 05:40
First, find out whether or
First, find out whether or not payday loans are legal in your state. Payday loans are prohibited in states like New York, Arkansas, Arizona, Connecticut, Georgia, Massachusetts, District of Columbia, North Carolina, Maryland, New Jersey, Pennsylvania, Vermont and West Virginia.
Well, you won’t be sent behind the bars if you don’t pay off your payday loans. But, you may end up paying expensive overdraft and penalty fees and facing humiliation and harassment from the collection agencies.
Payday loans are more expensive as compared to other methods of borrowing money. For example, average annual percentage rate (APR) on payday loans is about 400%, whereas a standard credit card has 12% APR rate. I’d suggest, besides paying your credit cards, house rents, and utility bills, you must try to make your payday loan payments within the given date to avoid getting into collections.
I have borrowed $3000 in
I have borrowed $3000 in total. I’m from Connecticut. No, I don’t know if they legal. The lenders are 500FastCash, 123 wages and Yellow dale.