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What happens when borrowers choose to not pay off the principal balance of pdls?

Asked on Mon, 04/21/2014 - 15:35
Anonymous

What happens when borrowers choose to not pay off the principal balance on pdls?

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Submitted by Anonymous on Tue, 04/22/2014 - 10:08

It depends. In case of legal payday loans, the companies can impose additional interest rates and fees. As far as the illegal payday loans are concerned, you're only obliged to pay the principal amount morally. You are not legally obligated for it. So, you can't be sued for the debt.  

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