I had a payday loan with Check N Go that they refused to do a rollover and I didn't have money to pay them back in full. I put a stop payment on the check and now I am not sure what is next from here. Does any one know how they collect on them and what negative impact to they have?
2006-08-31 08:42:55 · 5 answers · asked by awhisper 3 in Business & Finance ➔ Credit
They will put you on collection and probably bury you with phone calls.
Is this a local company?
The company I worked for sent me out to the peoples houses if we could not contact them.
The BIG companies will send you letters amongst letters requesting payment and eventually garnish your wages.
This will not affect your credit report (we didnt report to the credit bureau anyways and I have never had one report to the credit bureau)
The payday loan places have their own circuit of reporting and they call it a Teletrack. The companies will make notes on your Teletrack report when you apply for a pay day loan - haven't paid etc etc. If someone came in and they had a company listed on their Teletrack it was our job to call and find out if payment was current and if you were a good customer soooooo this makes it difficult to get pay day loans anywhere else.
Hope I have helped some - It's all I can think of right now :)
2006-08-31 08:53:21 · answer #1 · answered by *TheShryocks* 3 · 0⤊ 0⤋
You are able to instanly obtain a payday loan up to $1000 employing this service: http://loans.servermatrix.org I acquired the payday loan although I had a very poor credit rating.
2014-08-30 16:57:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You possibly can instanly find an advance payday loan as much as $1000 using this service: http://loans.servermatrix.org I acquired the payday loan although I have really poor credit rating.
2014-07-16 08:23:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yikes. My friend did this. I think, don't quote me, but I think that they have somewhere in the fine print that they can electronically remove it from your bank account even if you put a stop pay on the check itself. I think she said they tried weekly until she had enough in her account and BAM, they took it, which caused all sorts of other heartache.
2006-08-31 15:46:43 · answer #4 · answered by AsianPersuasion :) 7 · 0⤊ 0⤋
they will call you at work relentlessly. I have a coworker who got one and couldn't pay it they call here about 15 times a day. eventually she had to close her checking account and get a new one and she made payment arrangements with them. They could garnish though.
2006-08-31 15:47:03 · answer #5 · answered by kdj204 3 · 0⤊ 0⤋