Online Payday Loans – Can I Get Arrested Or Go to Jail For Defaulting On A Payday Loan?
Online payday loans can be a big help when you have a temporary bad credit personal loan lenders financial crisis. However, a lot of people avoid getting one because of the worry that they may be unable to pay the loan back. In fact, some people think that they might even be arrested for not paying back a payday cash loan.
Why That Question Comes Up?
There are two big reasons for that question to pop up. The first is that there are bad check laws, which are meant to protect people from being paid by bad checks. However, even though it is possible to occasionally pay payday loans by check, those laws don’t apply to defaulting on your loan.
The second is that some companies go out of their way to make you think that you might be arrested. These unethical companies use certain phrases and tactics to intimidate their customers. The goal is to make sure that customers pay the loan back, which usually works. However, the tactic of making people think they could be arrested is unethical, unfair and just plainly incorrect.
Three Tactics To Watch For:
If you are late making a payday loan payment, there are three basic tactics that the loan company may take to scare you into paying. One is that they could tell you that you will be located and addressed based on state law. The only thing means they will send you a letter in the mail, not that you will be arrested.
The other two tactics include calling you an “offender” and telling you that it is illegal to write a bad check. Most of the time, however, they will conveniently forget to mention to you that the bad check law doesn’t apply to your payday cash loan. Instead, they will let you think that you are a criminal and will be arrested, even though you won’t be.
Good Reasons To Pay Back Payday Loans:
Of course, even though you won’t be arrested, there are still good reasons to pay back payday loans. For example, you could be sued in small claims court, which can be quite embarrassing and time-consuming.
Also, most loan companies can notify credit bureaus when you default on a payday loan. So, you might watch your credit score crash. That’s all the more reasons to avoid getting a payday loan or to at least be sure that you pay an online payday loan off on time.
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Source : http://www.ezinearticles.com