It would be hilarious if it wasn't so sad. If you read through the thousands of blogs about payday loan places, you really begin to wonder regarding the intelligence of those who frequent them. Payday loan places, that is. The only thing apparently sadder than the people who seem to be getting these exorbitant loans are those who seem to be defaulting on them. State and federal regulations have long required payday loan shops publish and give out borrowers' rights information with the loans they issue, yet the internet is full of questions, posted by the worried who appear oblivious as to what payday lenders can and cannot do. This editorial will facilitate you separate the payday loan fact from fiction.
Am I going to get imprisoned for not paying my pay day loans?
Did you get arrested for not paying your water bill? In America, there are no debtors' prisons. You can thank your founding fathers for that. These used to be in Great Britain, but they do not exist here. It actually does not make a lot of sense, our founders decided. After all, if you're in jail, how can you work to cover your bills? What could happen, however, is that the payday lender may move forward with a civil charge against you and sue to recover the money you owe them.
I can't pay. Is there anything I can do?
Well, no matter what you do, don't ignore them. Several payday advance places will attempt to work something out with you. Some require, however, that you contact them before the loan is due to make arrangements for repayment. There is something called "hardship repayment" that a lot of do not publicize. Given our current economy, if you have had something happen such as loss of a job, you might be eligible for a repayment plan. It is vital to inquire for this though and several won't be much easy about offering.
What's a repayment plan?
Instead of rolling over the loan and continuing to pay for interest, a settlement system, also called a hardship repayment scheme, converts the loan, if you will, into a longer term loan. In this way, your entire loan is split into many payments, usually not greater than four, and the interest or finance charges stop. Thus, if you borrowed $500, which, with the finance charge would be $588, that repayment system might look something like four payments of $147 to be made every two weeks (every pay day).
Are they really allowed to call me non-stop?
Sadly, yes. You can request them not to call you every hour on the hour, but they are not a third party collector and thus legally allowed to contact you ad nauseum, if they choose. Calling you at your place of employment is a different story though
See, you got yourself into this jumble and now you're going to have to get yourself past this mess. Part of this requires you take action and make yourself aware of your rights and options. Grab the phone and make a call. It may not be easy, but the truth is you might be surprised that many of these companies are willing to work with you.
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