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How do you get out of paying back a payday loan?

Bethany Evans

in Student Loans

1 answer

1 answer

Jessie Thompson on April 3, 2019

First of all, you should not take a loan out unless you intend to pay. With that said, I do not like payday lenders because they rip people off and then lie about what they can do if you do not pay. I'm sure there are some that are not so bad, but most seem to be. If you tried to negotiate a payment plan, and were not very receptive, you may need to close your bank account. You can open another that they do not have access. By law, if you revoke your authorization to debit your account, they have to meet, but often not. Going to keep trying to get the money. This only leads to more and more fees for insufficient funds to pay the bank. Once you close your account, they could sue you civilly for defaulting on the loan. They can't criminal charges, but most likely they will tell you that you can. Some states made payday loans illegal. Check with your state attorney general office for state specific laws about pay day loans. In the worst case, you could go to the court and has to repay the loan, but you will not go to jail.

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