What Happens If I Dont Pay My Payday Loan

What Happens If I Dont Pay My Payday Loan – Written by Allison Martin Allison Martin Arrow Senior Associate, Personal Finance Allison Martin helps protect personal finances, including mortgages, auto loans and small business loans. Martin’s career began more than 10 years ago as a digital content strategist, and since then he has been published in many leading outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. Martin, a Certified Financial Education (CFE) instructor, also shares his passion for the study and business of finance with others through workshops and interactive programs. Connect with Allison Martin on LinkedIn Linkedin Allison Martin

Edited by Elijah Wilkins Edited by Elijah Wilkins Arrow Senior Editor, Student Loans Elijah Wilkins is an editor specializing in student loans. He previously worked in content editing on personal and home equity loans as well as auto, home and life insurance. He has spent nearly a decade specializing in various fields in a way that has fundamentally changed helping people make confident financial and purchasing decisions by providing clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Linkedin Aylea Wilkins

What Happens If I Dont Pay My Payday Loan

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Generally, people get payday loans because they cannot get immediate financing elsewhere. Unfortunately, if the borrower is unable to repay the loan, the financial situation can worsen.

Depending on when you received the loan, the lender may threaten to file a lawsuit against you and garnish your wages. In this case, the borrower has options that can potentially help.

Although each situation may be slightly different, there are some common consequences when you don’t pay back a payday loan on time.

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Most lenders will repeatedly try to withdraw money from your bank account, as permitted by the terms of the loan agreement. If the transaction is rejected by your bank due to insufficient funds, the lender can initiate a refund for a small amount.

Even if the lender collects a portion of the remaining balance through this method, you may still face financial problems if further bank transactions are declined. Plus, the bank can collect fees, costing several hundred dollars in a short period of time.

You can expect the creditor to begin collection efforts, including frequent calls and letters demanding payment, while constantly trying to write off your account. The creditor may sell your debt to a collection agency or hire an attorney to collect the debt.

You can stop the collection process by requesting an extension from the lender. Select states have laws that require borrowers to provide payment plans if requested. Be aware that these extensions usually come with additional fees and benefits.

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When debts are transferred to collection agencies, delinquent accounts may be reported to the credit bureaus. Your credit score will drop, and a negative mark will remain on your credit report for up to seven years. As a result, you may find it difficult to get competitive financing offers in the future.

There are several steps you can take to start rebuilding your credit rating after defaulting on a payday loan. First, check your credit report to identify any other bad accounts, and close them now because payment history is the biggest part of your credit score. You also want to find mistakes and correct them immediately.

Also, adjust your spending plan to free up funds that you can use to start paying off credit card debt in the near future. You want to do this to lower your credit utilization ratio, or the amount of revolving credit you’re using, since it makes up about 30 percent of your credit score.

Most importantly, monitor your credit report and practice responsible debt management habits from time to time to give yourself the best chance of strengthening your credit score over time.

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It’s much cheaper for the creditor to collect than to sue you in court, and selling the balance to a debt collector for pennies on the dollar means the creditor only gets a small percentage of the debt.

Both situations hurt you as you need to settle the payday loan for part of the remaining balance. Offer the amount you can pay in one lump sum and declare your intention to file for bankruptcy if the debtor goes bankrupt. Creditors may want to settle with you because bankruptcy means they have no chance of collecting.

If the creditor takes you to court, the burden of proof is on them to prove that you owe the debt. Just ask them to provide the document or agreement that you signed when you got the loan. If the debt collector cannot provide this information, the judge may dismiss the case. But if the creditor proves that you owe the debt and obtains a judgment from the court, you may be required to pay or have your wages garnished.

Quick Note: If the creditor threatens to put you in jail, contact your attorney general’s office immediately to file a complaint.

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Instead of ignoring a delinquent loan and potentially damaging your credit, consider these options for paying off the loan:

You can also try talking to friends and family or finding ways to adjust your finances to cover expenses like temporarily canceling a streaming subscription or switching to a lower food budget.

If your credit score has taken a big hit from a payday loan offer, you can get back on track. These strategies will help you start repairing your credit health:

Most importantly, check your credit health by regularly monitoring your scores and reports. If you find an error, file a dispute with the credit bureau immediately to remove the incorrect information that could affect your credit score.

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Alison Martin is an advocate for personal finance protection, including mortgages, car loans and small business loans. Martin’s work began 10 years ago

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