It would be amusing if it wasn't so depressing. If you read through the thousands of blogs about payday loan places, you really start to wonder regarding the intelligence of those who frequent them. Payday loan places, that is. The only thing seemingly sadder than the human who seem to be getting these exorbitant loans are those who seem to be defaulting on them. State and federal regulations have long required payday loan places publish and allocate borrowers' rights details with the loans they issue, yet the internet is full of questions, posted by the desperate who seem to be oblivious as to what payday lenders can and cannot do. This article will assist you separate the payday loan fact from fiction.
Am I likely to get arrested for not paying my pay day loans?
When was the last time someone was arrested for not paying your water bill? In America, there are no debtors' prisons. You can thank your founding fathers for that. These used to exist in The United Kingdom, but they do not exist here. It really doesn't make much sense, our founders decided. After all, if you're in jail, how can you work to pay your bills? What could happen, however, would be that the payday lender can proceed with a civil charge against you and take legal action to recover the money you owe them.
I can't pay. What am I supposed to do?
Well, anything you do, don't ignore them. Many payday advance places will work something out for you. Some require, however, that you contact them before the loan is due to make arrangements for repayment. There is something called "hardship repayment" that many do not promote. Given our current economy, if you have had something happen like becoming unemployed, you might be eligible for a repayment plan. It is necessary to inquire for this though and many won't be too easy about providing.
What's a repayment plan?
Instead of rolling over the loan and continuing to pay for interest, a repayment scheme, also known as hardship repayment plan, converts the loan, if you will, into an installment loan. In this situation, your entire loan is split into many payments, usually no greater than four, and the interest or finance charges stop. So, if you borrowed $500, which, with the finance charge would be $588, that repayment plan may look something like four payments of $147 to be made every two weeks (every pay day).
Are they really allowed to call me non-stop?
Sadly, yes. You can ask them not to call you every hour on the hour, but they aren't a third party collector and therefore officially allowed to contact you ad nauseum, if they choose. Calling you at your place of employment is a different story though
Look, you got yourself into this confusion and now you are going to have to get yourself out of this confusion. Part of this requires you take action and make yourself aware of your rights and options. Pick up the phone and make a call. It may not be easy, but you may be surprised that many of these companies are willing to work with you.
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Payday Loan Stores Offer Helpful Substitutes To Banks.
The joke used to be a church on every corner. Instead, perhaps a sign of the times, we now seem to have a payday loan place on every corner. Interestingly, many states have enacted regulations prohibiting payday loan places from operating in their states.
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