Archive for the ‘Payday Loans’ Category

What Happens If You Default On A Payday Loan?

Payday Loans

Payday loans are high interest loans you can get if you need money before your next payday. They can be convenient in an emergency, provided you’re ready, willing and able to pay them back plus interest. But what happens if you can’t pay them back?

The first thing that can happen you probably already know about, if you were listening to the payday loan provider or if you read the agreement you signed. That is, the payday loan company will continue to debit your account until they receive their money back. Unfortunately, if you do not have the money in your account you’re going to start racking up fees quickly. (more…)