Will you go to jail if you don't if you don't pay back a cash advanced payday loan?

Question

I got this loan from the internet and it Called GFS loans it's a cashday advanced loan and it was for 200 dollars but they charged me 80 dollars to get that 200 dollars..sounds like a podunk place to me...well they're not from here they are like over seas or something like that...their number starts with 044 something...but i didn't fax or sign nothing it was all over the phone and i just gave them my checking acct and they deduct it from there....i'm not going to pay it back cuz i think it was a rip off anyway and the num they gave me to call back was some bogus num at first and i wanted to cancel it but the rep gave me a bogus number what would you do?? what could happen to me if i don't pay it back will i go to jail for it???? i think not but i need some help with this...

Answer 1

As a practical matter NO, you wil not be arested for a bad loan.
Close your account. Return the money.

Answer 2

Well... see when you did this & gave them your checking account number, then it is similar to writing a bad check because you secured the loan with your checking account. A verbal contract is still a contract. If you accepted it, then it was up to you to read the terms & conditions BEFORE YOU ACCEPTED THE FUNDS. By accepting the funds, you effectively agreed with the terms & conditions (that includes the amount of the fee for the service they provided). REGARDLESS of wether or not you now feel like it was a rip-off.

Depends on the laws in the state you live for worthless checks & contractual agreements. Why, because you agreed to the contract in the state you are living or at least in the state where your bank account is considered to be located.

What to do??? Well, forget the fact that you are having difficulty getting them on the phone... contact them the same way you contacted them to get the funds... not being able to call them on the phone is a lame excuse when you were able to get them when you wanted something from them. Next ask the bank about closing your account.... it may be that there is a waiting time to allow for outstanding processing or that the account is automatically re-opened if something is presented against it. If that is the case then you are out of luck on that tactic. However, even if you close the account, then you STILL ARE RESPONSIBLE FOR THE CHOICE YOU MADE....

Why act like a 3 year old about finances.... What I would do & what I would tell my own child is accept these actions/decions, chalk them up to a learning lesson. After the repayment is processed then do something, anything to close/restrict/change your bank account number in the event that the company fraudulently attempts to assess more funds than you agreed to pay.

I work for a Credit Card Company... you are just asking for Identity Theft when you are DUMB ENOUGH to provide things like your bank account number over the phone or on the internet for anything -- always use a Credit Card number - at least that can secured with a simple Lost/Stolen report & minimize any potential damage with ZERO RESPONSIBILITY FOR ACTUAL FRAUD (at least with VISA or MASTERCARD)

Answer 3

Pay the debt, and call your bank and let them know that you did this and for exactly how much you owe. Basically put an alert on your account for it and if they try to take anymore than 280, or try and hit your account more than once, your bank won't let that happen. I would pay the money and close the account. But that is as good as a bounced check, and that is punishable by jail time, depending on where you live. Call your local police department and ask what you can do

Answer 4

They got your checking account number which was stupid of you my god you never give that info if they want the money they can go into your account & take it out without your permission cause you gave them more then enough info.But yes U can be arrested cause you had the funds put into your account.Next time don't give no one any information.Good Luck