I got a payday loan because my old room mate left me in a bind. At the time I was like "hey this is great! I can pay her half of the rent!" but now I've paid the fee's on it for over a month and can't make the payment this month. I can't afford the fees or the loan amount in full. Any suggestions? How much trouble do I get in if the check bounces? Does this give me more time to pay it off?
2006-09-18 10:49:00 · 15 answers · asked by Julie C 1 in Business & Finance ➔ Personal Finance
a lot of places let you make payment plan.. like if you go in today and pay part of it.. they have to hold your check since the amount on it is no longer accurate. They will bug you till you pay it.. if you refuse they will send it to collections
2006-09-18 10:51:20 · answer #1 · answered by ♥cutemamma♥ 6 · 1⤊ 0⤋
If you have no other way around it, you might be wise enough to ask a relative for a little bit of assistance. Don't let the check bounce. On top of criminal charges, this stuff also hits your credit report too. Talk to they company, pay the fees, and what you can towards the loan. The more you can pay on the loan amount the lower your fees will be. They don't want this to become a criminal issue, but they do want their money. If you have to talk to the manager, and stay calm and rational, not emotional and distraught. But if you have to ask for help from a family member, remember, their interest rates and fees usually come in the form of visit more often, call more often. And the dreaded lectures...... Stay away from payday loans, or any time of advanced loans. They are usually scams to begin with. IF you need more help the FTC can give you some insite on how to deal with creditors
2006-09-22 09:47:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Unfortunately, you really don't have much of a choice. The reason the loan place was so willing to give you a loan based on a check you signed over to them is because they can press criminal charges if the check bounces.
If you let the check bounce or you close the account the check was written on or you stop payment on the check, you can be held criminally responsible. They will send you a certified letter stating you must make good on the check with in two weeks (sometimes less) or they will press charges. If you don't pay it, then they simply present the check to the District Attorney and they will come after you with a warrent for Theft By Check.
Now.. say you try to 'ride out' the two week period, you will be charged a couple of NSF fees from your bank when they present the charge and then a NSF fee from the loan place. Then you still have to pay the amount in full anyway.
I would suggest you go into the loan place and see what you can work out. Obviously you've over extended and will have to 'beg them' to work with you.
Good luck and I hope things go well for you.
2006-09-18 10:56:15 · answer #3 · answered by wrkey 5 · 0⤊ 0⤋
Just so you know, as been mentionned above, a bad check is considered fraud and will remain on your profile longer then you could imagine. It can jeopartize the acquisition of a credit card to a house! And it will not save you time. Anyway, think of it this way : If you can't pay now, chances are you won't be able to pay when all your checks have bounced... plus interest, cause bouncing checks cost you about (depending on the institution) 15$ per check of fees.
2006-09-18 11:00:33 · answer #4 · answered by chibi_sylphe 2 · 0⤊ 0⤋
Bounced checks to PayDay loan Sharks is considered fraud a criminal offense. Best suggestion- get 2nd job nights 3rd job weekend sell TV you won' t need it.
PayDay loans charge any where from 400% - 800% per year. Mafia Loansharks are ashamed of these places.
Visit DaveRamsey.com to learn what you really need to know before you get real bent over.
2006-09-18 15:22:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, a check bouncing is not a good idea and will not give you more time...the best thing to do would be to call them and ask for an extention for your due date..people do it all the time! i'm sure they will help you out. they would rather you be honest and know when they will get paid than you not telling them and then they have to spend time and money having collections calling you up. try that and then maybe you will start to feel better too instead of worrying!
2006-09-18 10:52:41 · answer #6 · answered by Anna 4 · 2⤊ 0⤋
i really don't know what type of fees they charge but i do know that after so long they will take you to court to get their money because i lady that i used to work with ended up getting taken to court over an unpaid loan and she ended up paying about $600.00 for an original loan of $185.00
so if i were you i would go in and try to make up some sort of payment arrangement with them before that happens
Good Luck
2006-09-18 11:06:29 · answer #7 · answered by Dawn 3 · 0⤊ 0⤋
call and see if they will work with you maybe let you pay it off a little at a time, if not instead of letting the check bounce maybe try to go to a pawn shop and pawn jewelry or something of value and pay the check off then you can just pay interest on the pawn plus a little extra and get it paid off without the threat of bouncing a check
2006-09-18 10:58:19 · answer #8 · answered by misty_51273 4 · 0⤊ 0⤋
Payday loans have options if you are not able to pay.....check online for their policy or call the office your purchased thru.
Do what you can to clear this off tho for the interest rates stack up!
2006-09-18 10:51:52 · answer #9 · answered by Marsha 6 · 0⤊ 0⤋
If you write a bad check it is considered fraud. The pay day loans will re-figure loan but at a much higher interest rate.
2006-09-18 10:51:22 · answer #10 · answered by Janet lw 6 · 1⤊ 0⤋