I'm unable to cope with the interest rates on some payday loans that I borrowed few months back. They are accruing more and more. I'm thinking about closing my checking accounts and not paying them back. I know that it is not fair, even not legal. But I can't help! What can they do to get the money back?

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If you have a payday loan and you don’t repay the loan, means you really default the payday loan, then payday loan may send your case to debt collection agency. I also read somewhere that a payday loan lender can sue you in civil court for the amount of the loan, the returned check fee and court costs. However, you cannot face criminal charges for defaulting on a payday loan.

 

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Payday advance providers are very stern about getting their money back and can go to any extent for that. If you close your checking account, then it’s a breach of the contract. For this behavior of your, then can chase you, sue you, and you’ll end up in much worse condition than what you are right now. Therefore, if you don’t want to turn things complicated, reach out to them and request to lower the interest rates or work out a more suitable payment plan so that you can pay off the loans smoothly.


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