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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Categories: Loan Questions Tags: Advance, cash, loan, unpaid
Is an unpaid payday loan in Texas considered a criminal case or a civil case?
Question by jnttweise: Is a unpaid payday loan in Texas considered a criminal case or a civil case?
If you took out a payday loan, Is it a civil case or a criminal case in the state of Texas? Can you do jail time?
Best answer:
Answer by Docker
No you cant go to jail, but it will screw up your credit and they can take you to court, which means additional fines and court cost for you.
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Categories: Loan Questions Tags: case, civil, considered, criminal, loan, Payday, Texas, unpaid
Q&A: What hapeens when a payday advance loan goes unpaid ?
Question by chasead95: What hapeens when a payday advance loan goes unpaid ?
My sister-in-law has about 4 payday advance loans that she’s not paying. I’ve told her that she could go to jail for this. She says no she cant because it’s a loan, not a bad check. Does anyone know?
Best answer:
Answer by random_synchronicity
Normally when taking out a payday loan you have to write post-dated checks which they then will cash once the agreed upon day arrives. If there isn’t money to cover the checks when they attempt to cash them, then they will file hot check charges against her and she can go to jail especially if she knew the money wasn’t going to be available since that’s theft by deception.
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