Question
Beware of the PaydaY LOAN?
Payday advance & payday loan companies require you to write them a postdated check when you get money from them. What happens when your unable to make good on a payment & they run the checks through even after you tell them you don't have the funds? Can you go to jail for payday loans and payday advancements even if you meant to pay them? Is there anyway to consolidate payday loans?Now I know why the government wants to shut them down there is a serious hidden catch to these payday loans places. I welcome positive advice and rude people please don't post. Thanks for the positive responses. I had to report alot of rude people on here today: ) So I do appreciate the positive answers: )
4 weeks ago - 4 answers
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Read this article from the Dallas Morning News. Maybe that will encourage you to stay away from these monsters, www ...
by ∞infiniti∞
4 weeks ago
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Other Answers
You cannot go to jail for that, however they CAN collect THREE times the amount of the check as a penalty. That is actually law. You can consolidate payday loans, but you will have a VERY hard time finding a lender willing to do so. Using those services is a HUGE red flag that you have serious money issues, so no bank in their right mind would do that. There are no hidden catches, assuming that you have enough intelligence to actually read the fine print. People who sign a legal contract without reading it, deserve the consequences. Lastly, if you have a beef with they way they work, DON'T USE THEM!!! No one is putting a gun to ANYONE'S head to use a payday loan. I mean they charge higher rates than the mob!!!! Who on Earth would view that as a good idea??
by Ryan M- 4 weeks ago
Yes it is a criminal offense to write a bad check so it's not even like an unsecured loan or credit card in that regard. The payday loan places are ruthless and will pursue legal action and even get judgements to garnish your wages. Not only are you signing a check (legal document) but you are signing a contract (legal document) so the problems are legal problems, not moral or financial. Sure people can consolidate the payday loans but it's adding debt to debt. The only sane way out of the cycle is by coming clean with your spending habits and sticking to a plan to get out of the cycle. If you have family members or even a sympathetic employer, get a personal loan and vow not to get back into borrowing what you can't afford. The more money people pay in fees and interests, the less money they have which is why people return over and over to get another loan to pay the loan to get another loan, etc. STOP. The only way out of a payday loan is to pay it on payday.
by rayt721- 4 weeks ago
Really its not in your best interest and it can be a lot of interest payments. But maybe theres no alternative. Good luck.
by Ralph R- 4 weeks ago