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What happens if you default on a payday loan?

Ramon Kelly

in Student Loans

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Ralph Lopez on May 8, 2018

Payday loan interest is exhorbitant. In case of non-payment of a payday loan, the interest will escalate. Payday loan lenders are at the bottom of the heap of unscrupulous lenders. Theand know that you are in need and know that you may not be able to pay your loan on time. In general, do not set a payment program with you and, therefore, the interest continues to be based on the amount you owe until the total of the invoice is paid. If you have given access to your bank account that can cause your bank fees to escalate with Returned Check charges as they continue to send checks against your account. You should call your state attorney general's office to make sure that the lender is licensed in your state. If the lender is not licensed, the attorney may be able to provide the number of an agency that can help with this problem.

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