Q&A: What happens if a cash advance loan goes unpaid?

Question by pretty_girl_tc: What happens if a cash advance loan goes unpaid?
I have a cash advance loan out and don’t have the cash to pay it back. If the post dated check goes through I will be in major debt. I wanted to put a stop payment on my check. What action will the lenders take?

Best answer:

Answer by Tim S

What is predatory? A short term payday loan that charges you a fee of $ 15 to $ 25 per $ 100 loaned for two weeks or a $ 35 NSF and daily overdrafts that can cause more NSF fees from a bank?

You needed a loan that apparently you were were unable to get from your bank and now you want to forgo paying it back by placing a stop payment on the check. You received a service for a fee and stopping the check for false reasons is fraud.

Depending on who you received your loan with, they could cause you a lot of grief. If they are reputable then you should call them to work out a payment plan (not a rollover option). No lending institution wants a loan to default.

Good luck

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