can payday loan lenders continue to charge you interest on the loan once you have defaulted on the loan and it has gone into collections.
2006-11-22 08:02:08 · 6 answers · asked by hutsontl@sbcglobal.net 1 in Business & Finance ➔ Credit
in the long run...payday loans are not worth it.
Eventually you are paying more for payday loans than if you had had a regular chking acct & etc.
My 1st wife would do both payday loans & pawn.
1. Pawn:
She would pawn a $125 ring (was her grandmas) many times.
Overall paying about $5800 for a $125 ring, over a 6 year period.
2. Payday loans:
Over similar period she paid nearly 5 times what it costs to have full service banking w/chking & credit cards & atm.
Point being, neithger is a good idea unless its a emergency and your normal access or chocies are not there.
2006-11-22 08:11:26 · answer #1 · answered by pcreamer2000 5 · 1⤊ 1⤋
I'm certain that you might find every financial clarification at: lendcenter.info-
RE Internet payday loans?
can payday loan lenders continue to charge you interest on the loan once you have defaulted on the loan and it has gone into collections.
2014-09-26 05:43:28 · answer #2 · answered by Anonymous · 0⤊ 2⤋
I got this site http://goo.gl/I6HHcS some days before on yahoo answers and I got lots of information about Payday Loans. This may help you to get answer of your question.
2014-09-11 20:52:18 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Of course. They can do whatever you agreed to when you signed the contract. They can keep adding to the debt until it is paid in full. You need to get out from under this with a legitimate loan.
2006-11-22 08:17:18 · answer #4 · answered by united9198 7 · 1⤊ 0⤋
It actually depends on the initial agreement that was done between the parties. So if there was a provision for interest, you need to pay that. Otherwise you are not obliged to pay them. You as well as the loan provider are bound to respect the terms which was agreed upon.
2014-08-25 23:55:43 · answer #5 · answered by Philips 4 · 1⤊ 0⤋
Sure, but if their interest rates exceed the cap for your state, then you can protest it. Payday lenders have been kicked out of NC and GA because of usury law violations.
2006-11-22 08:08:05 · answer #6 · answered by Anonymous · 1⤊ 2⤋
yes read the loan contract
2006-11-22 09:33:16 · answer #7 · answered by moonwalker 3 · 0⤊ 0⤋
Yes, that's really how they make their money.
2006-11-22 11:13:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes because it is still their money even when in collections process.
2006-11-22 09:12:38 · answer #9 · answered by Diaper Delivery Services 3 · 0⤊ 0⤋