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Can you go to jail for a payday loan?
By Richard Brooks of PBC Lenders
In some cases you will face hard time doing community service for up to 20 years for defaulting on a payday loan. Can you go to jail for a payday loan? If you fail to repay your payday cash advance you could be arrested and face up to 10 years imprisonment! Payday loan default has become a serious crime that will no longer be tolerated in this day and age. You can run but you can’t hide you will be caught and thrown behind bars eventually! So if you have failed to pay off your payday cash advance I have news for you Listen v e r y closely GOTCHA!!! LOL… I was just kidding you can’t be jailed for failing to repay a payday loan that’s absurd! I hope I didn’t scare you too bad but if did just take a deep breath for about 10 seconds and come back to the screen so we can finish talking ………………………… ok you’re back hehe ok ok serious payday loan default although it’s not a good thing it’s definitely no crime. A payday loan is just like any other unsecured debt – all a company can do is make attempts to collect the debt - that's it. The most that can happen to you is that the company can take strong collection actions against you in order to motivate you to repay your debt. And if you don’t pay you’ll likely continue to receive collection attempts. They also can report this negative information to credit bureaus and have it appear on your credit report -- and many may go so far as to file a lawsuit against you! But jail time? nah... they’ll just have to write off the loss if you fail to repay. But you really should clear up your debts if at all possible; you don’t want your credit scarred and other skeletons hanging over your head. If your payday loans have become so massive that it's just impossible for you to handle, you might want to look into getting some type of debt consolidation assistance. Also be advised that there is a certain etiquette that debt collectors need to follow when attempting to collect a debt. And if they violate these guidelines you can take action against them! The privacyrights.org fact sheet provides detailed easy-to-understand information about debt collection procedures and covers your rights under the Fair Debt Collection Practices Act (FDCPA)
I advise you to take time to review it thoroughly because If you don’t know your rights – You have no rights!
Below is an excerpt from the fact sheet: “Examples of threats and deceptive practices prohibited by the FDCPA are when the collector:
- Says you will be arrested if you don't pay the debt.
- Threatens you with violence…” |
Privacyrights.org Fact Sheet
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