Is closing your bank account a good idea to pay off payday loan?
Make sure you check your state laws before doing this as some states like Missouri take it as criminal offense to close the account. If you do this, you can be charged with criminal charges as you have intentionally deceived a creditor to escape payments.
It is not at all a good idea to close your account completely, nor is it advisable either. If you do so, it might make it complicated for you to open a fresh account somewhere else.
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Last Updated on: Fri, 8 Jun 2018