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

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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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Last Updated on: Fri, 8 Jun 2018