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What if do not pay the loan on time?
If you can not pay the loan back, you may be called to account by following ways.
First of all, a lender may fine you if check has been returned to him because of insufficient funds in the account. In some areas there are restrictions on the amount of penalties. Fines can vary from 20$ to 50$ which is depend on the sum of loan. However, exist places where these fees are not regulated, so the cost of charge in such payday companies can be much higher.
The second reason when a lender may charge additional fees if there are insufficient funds in your account to cash a check.
By the way, the interest rate will continue to accrue on the amount you owe.
These additional penalties bring difficulties in paying loans back. If the loan is not repaid on time the lender will try to find out your bank statement, contact your friends or relatives and call your boss whatever they are able to do to know where you are and how to keep in touch with you.
If a payday company is not able to collect a loan from you, it is likely to apply to a collection agency. If you are not ready to repay the loan when collection agency refers to you, then your credit bureau score would fall.
However, it may lead to further difficulties in borrowing a loan.
These loans are different from others because even if you pay it on time, it will not better your credit score.
The collect agency can bring an action against non-payment. The court may give judgment to increase the amount of your debt or can withdraw money automatically from your account, which is known as garnishment of wages.