Of course you go into the payday loan with full intentions of paying it back. If you do not intend on paying a loan back then you should not enter into this process. There may come a time when you intend on paying back but you are not able to. What happens then? It is so important that you get a payday loan today with the intentions of paying it back. What options does the lender have if you cannot pay back? Get A Payday Today has compiled this information to help you out.
We already know how the lender will initially try to get their money back. They will make sure you bring a voided or post dated check when you look to get a payday loan. The funds will then be deducted from your account on the appropriate day. If you have enough money in the account then everything will clear and you will be alright. Your check may bounce though. You will then be subject to some fees and your lender will call you to assess the situation.
They will ask you if you now have the proper funds to pay back. If you do then you need to pay them back immediately. If you do not then they will probably make you take out another payday loan in order to cover the one you could not repay. There might be a chance that you could get them to start some sort of payment plan. You need to approach them about this. There are no guarantees that this will be alright, but at least you can give it an effort.
If you continue to notice that you have trouble paying the phone calls to you will begin. They will contact anyone possible in order to get their money back.. If this takes too long then your loan will be turned over to collections. It is the job of these people to get the money back by coming to you directly. This is generally the main way lenders will go about getting money back. It is very possible for them to sue you, but generally those court cases do not go very far. Repayment options will vary from lender to lender.
If you know you cannot pay back then you should not put yourself in that position. Do not even take out a payday loan. These are very short term loans that have strict guidelines on how you need to pay back. Work as hard as you need to and make sure you get the lenders their money. You do not want any hassle when dealing with loans, especially loans that have strict guidelines on when they must be paid back.