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It would be amusing if it wasn’t so sad. If you read through the thousands of blogs about payday loan places, you really start to wonder about the intelligence of those who frequent them. Payday loan places, that is. The only thing seemingly sadder than the people who seem to be getting these exorbitant loans are those who seem to be defaulting on them. State and federal regulations have long required payday loan places publish and distribute borrowers’ rights information with the loans they issue, yet the internet is full of questions, posted by the desperate who appear oblivious as to what payday lenders can and cannot do. This article will help you separate the payday loan fact from fiction.
Am I going to get arrested for not paying my payday loan?
Did you get arrested for not paying your water bill? In America, there are no debtors’ prisons. You can thank your founding fathers for that. These used to exist in England, but they do not exist here. It really doesn’t make a lot of sense, our founders decided. After all, if you’re in jail, how can you work to pay your bills? What can happen, however, is that the payday lender can proceed with civil charges against you and sue to recover the money you owe them.
I can’t pay. What am I supposed to do?
Well, whatever you do, don’t ignore them. Many payday loan places will work something out with you. Some require, however, that you contact 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 like loss of a job, you might be eligible for a repayment plan. It is necessary to ask for this though and many won’t be too easy about offering.
What’s a repayment plan?
Instead of 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 an installment loan. In this way, your entire loan is split into 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 plan might look something like four payments of $147 to be made every two weeks (every pay day).