It would be funny if it wasn't so sad. If you go through the thousands of blogs regarding payday loan places, you really start to wonder about the intelligence of those who frequent them. Payday loan places, that is. The only thing apparently sadder than the people who seem to be obtaining these exorbitant loans are those who seem to be defaulting on them. State and federal system have long required payday loan places publish and distribute borrowers' rights info with the loans they issue, yet the internet is full of questions, posted by the anxious who appear unaware as to what payday lenders may and cannot do. This article will help you separate the payday loan fact from fiction.
Am I going to get in jail for not paying my pay day loans?
Did you get arrested for not paying your electric bill? In the USA, there aren't any debtors' prisons. You can thank your founding fathers for that. These used to exist in Britain, but they do not exist here. It really does not make a lot of sense, our founders decided. Nevertheless, if you're in jail, how could you work to pay your bills? What can happen, however, is that the payday lender can move forward with a civil charge against you and sue to get the money you borrowed from them.
I can't pay. What am I supposed to do?
Well, whatever you do, don't ignore them. Many payday advance places will continue to work something out with you. There are some that require, however, that you simply make contact with them before the loan is due to make arrangements for repayment. There is something called "hardship repayment" that many do not advertise. Given our current economy, if you have had something happen such as loss of a job, you may be eligible for a payment plan. It is necessary to ask for this though and many won't be much easy about offering.
What's a reimbursement plan?
Rather than rolling over the loan and continuing to pay interest, a repayment plan, also called a hardship repayment plan, converts the loan, if you will, into a longer term loan. In this way, your fully loan is split into multiple payments, usually no more than four, and the interest or finance charges stop. So, if you borrowed $500, which, with the finance charge would be $588, that repayment scheme might look something like four payments of $147 to be made every two weeks (every pay day).
Are they actually allowed to call me non-stop?
Unfortunately, yes. You can ask them to stop calling you every hour on the hour, but they are not a third party collector and so legally permitted to contact you ad nauseum, if they decide. You can however ask them not to call you at work
Look, you got yourself into this mess and now you're going to have to get yourself past this mess. Much of this requires you take action and make yourself alert to your rights and options. Pick up the phone and call. It may not be easy, however , you might be amazed that many of these companies are ready to work with you.
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