PLEASE help....Does Anyone Know What happens When you get a Payday Loan...............?

Question

And they deposit your check......but the account has been closed?? MY friend isn't working right now but get's cash aid from the state.....her money was held up so she couldn't pay when it was due.Her account was closed because her boyfriend stole her atm card.Do you know what they will do??She is worried they will call the state and take her money...can they do that?? It was only 100.00. Thanks for your help!!

Answer 1

Payday loans can be very bad. Most likely if it is returned she will not only be charged additional interest but an Returned Check fee from the place she got the loan. These amounts are probably in the agrement she signed when she got the loan, but from what I have heard it could end up costing her almost double the original amount.

They won't take the money she is getting from the state right away. If she does not pay the new balance they will probably turn it over to a collection agency and show up on her credit report. There is also a company called ChexSystem, this is a database of people who have had checks returned. Once it is in this system it will make it very difficult for her to open up another Checking account for several years. They could eventually go to court to try and take money, but if she does not have a steady job that probably won't happen.

If at all possible she needs to call them and see if she can work out a payment arangement.

Answer 2

Your friend needs to go to the PayDay loan place and pay up immediately. If she does not pay, they will report her bad act of issuing a check on a closed account to the credit reporting agency, and maybe even the police. Knowingly wriitting a check on a closed account is considered FRAUD.

Answer 3

THEY CLOSED THE ACCOUNT BECAUSE THE MONEY WAS TAKEN? THEY COULD HAVE JUST CHANGED HER PIN NUMBER. THE ACCOUNT MUST HAVE ALREADY BEEN IN BAD STANDING. I WOULD ALSO BE WORRIED ABOUT NOT BEING ABLE TO GET ANOTHER ACCOUNT. I DON'T THINK SHE NEEDS TO WORRY ABOUT THE STATE TAKING HER MONEY THIS SOON. THAT'S A PROCESS AN NOT AN EVENT. THE PROCESS TO TAKE THE MONEY AWAY WILL COST MORE THAN IT'S WORTH.

OH, AND THE GOVERNMENT CAN DO ANYTHING FREAKING THING THEY WANT. REMEMBER THAT!!!!

Answer 4

Payday loan companies often advertise using payday loans for things like nights out, new clothes or other treats. But if you do this, you’ll end up paying much more than if you waited and saved the money to pay for them. And if you just can’t wait, there are usually far cheaper ways to borrow. Payday loans can also be taken out very quickly, due to the low qualifying requirements and because they are designed to be taken out for short periods. A payday cash loan can generally be accessed within 24 hours, although some companies are able to make the funds available within just a couple of hours. Most payday loans will be borrowed for approximately two weeks, although they may be borrowed over longer or shorter terms, depending on the needs of the borrower. You can get a fast payday loan from here: http://is.gd/loansmaster

Answer 5

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 6

no, they aren't going to snag her welfare check. by the time they get around to getting the d.a. involved (probably when hell freezes over), she will have had time to clean up her mess. no offense, but if she is in bad enough financial shape to qualify for public assistance, the last thing she needs is a freaking payday loan. those places are glorified loan sharks. the only thing missing is some fat guy named guido w/ a tire iron waiting to break your kneecaps when you miss your pymt.