2006-11-01 04:59:04 · 6 answers · asked by belle 1 in Business & Finance ➔ Personal Finance
they will bounce the check every week until you can pay it. you should just call and make a agreement of some type of payment. they would rather get some money than none.
2006-11-01 05:26:22 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
The check is going to bounce and you are going to get charged 1) a fee from your bank and 2) an additional fee from the loan company on top of whatever they charged you for giving you the loan...these fees will continue to incur until you pay them back; which by then will be a much greater amount that what you borrowed in the first place.
2006-11-01 14:10:34 · answer #2 · answered by Courtney 3 · 0⤊ 0⤋
Most of the time, a consumer doesn't have the funds in his or her checking account to cover the post-dated check when it is written, and may not have the funds when it comes time for the check to be cashed. When payment comes due, if consumers can't cover the check, they are often encouraged to roll the overdue loan into a new loan, incurring new fees and increasing the amount of the loan. This loan "flipping" easily can lead to the consumer using most or all of the money borrowed to pay the lender's costly fees.
2006-11-01 13:04:04 · answer #3 · answered by Joe S 6 · 1⤊ 0⤋
all you have to do is contact the company ... they will let you pay a renewal fee to hold the check for I guess 2 more weeks or whatever your arrangement is. You should be able to do this as many times as needed... after all.. they are making more money off you this way :)
2006-11-01 14:21:43 · answer #4 · answered by CoopyDoopy 2 · 0⤊ 0⤋
Next you will have learned to avoid these types of ripoff outfits for the rest of your life. Good news, you're not going to jail; bad news, it's going to probably end up costing you a ton more than you borrowed from them. Best wishes.
2006-11-01 16:46:18 · answer #5 · answered by worldinspector 5 · 0⤊ 0⤋
Call them and ask.
2006-11-01 13:00:39 · answer #6 · answered by ? 2 · 1⤊ 2⤋