2006-09-30 06:31:06 · 5 answers · asked by DA 1 in Business & Finance ➔ Personal Finance
pay day loans are for loosers. They are the biggest rip off around. You should have a relative loan you the money instead. Better yet, wait until you can afford something before you buy it.
If you don't pay it back they go after you.
1) cash the check you left with them.
2) Force a payment from your banking account, causing you an overdraft or insufficient funds fee.
3) Go through the courts to put a lien on your wages. So, your employer would be instructed to hand over a portion of your paycheck to them every month. Doesn't give a good impression to your employeer.
4) Use a collection agent to harass you and your family to collect on your debt.
2006-09-30 06:33:37 · answer #1 · answered by Plasmapuppy 7 · 1⤊ 1⤋
Not paying back a loan today can cause you great trouble in the future. You may want to get something really substantial later and find that there is a lien on your property or they have reported it to the credit bureau and you can't get your credit scores up until it is paid off. They can come after whatever collateral you put up for the loan in the first place. They can garnish your wages and trust me you don't want that on a job or future job application. The interest on these loans is horrid and it keeps getting worse. Pay it back and forget about dealing with this loan shark that is legal.
2006-09-30 13:37:16 · answer #2 · answered by ricewriter 2 · 0⤊ 0⤋
They will cash the check you wrote them to hold. If it is no good, they will usually send your info. to a collection company. Also, you will not be able to do any more advances at other establishments, as your info. will be on the check scan system.
2006-09-30 13:35:21 · answer #3 · answered by naughty_mattress_monkey 4 · 0⤊ 0⤋
they take u to court and then it ***** up ur credit score but if u pay them back it helps bulid ur credit yea i kno weird huh
2006-09-30 13:40:20 · answer #4 · answered by itsallgood 1 · 0⤊ 0⤋
They will take it out of your checking account cause fees for overdrafts.
2006-09-30 13:33:13 · answer #5 · answered by Melissa C 5 · 0⤊ 0⤋