I Have A Payday Loan That Was Due Back In Sept. 07 But It Was Never Paid Back. What Can The Company Do?

Posted on February 9, 2010
Filed Under bad credit | 2 Comments

If legal action is taken against me, how severe will it be? I am gonna try to pay it off but I am also paying three other loans. Can this loan be broken up into payment arrangements?

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2 Responses to “I Have A Payday Loan That Was Due Back In Sept. 07 But It Was Never Paid Back. What Can The Company Do?”

  1. Mr_Blue on February 10th, 2010 12:43 am

    It could be very bad. Payday loan companies are usually very aggressive in collecting. In some states payday loan companies have gone after people for triple the amount owed because they defaulted. If you signed something called an “Assignment of Salary” they may go directly to your employer to get the money.
    You get to stop using these payday loans – they are worse then a loan shark.

  2. squeezie on February 10th, 2010 6:04 am

    The company has your postdated check. If the check is not good, you have given them a bad check which in most states is a felony…. that’s a lot more serious than a bill collector. Best thing is to pay this loan back immediately, even if you have to delay other loans….. even if for no other reason that the interest rate is much higher for payday loans than anything else.

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