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« Can you go to jail for having more then one payday loan and defaulting?
what will happen if i default on a internet payday loan? »

  January 19th, 2009
can you go to jail for default on a payday loan? or does it go on your credit?
raillyboo asked:

I have got trapped in this payday loan cycle and i can’t get out. It has caused me to fall behind on all my bills. I am thinking of repaying them in full with my income tax money if it goes on my credit. I am affraid that i will go to jail.

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This entry was posted on Monday, January 19th, 2009 at 5:37 pm and is filed under payday loan default. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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DISCUSSIONS
  • Mike Harmon Says:
    January 19th, 2009 at 6:00 pm

    I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!
  • araenall Says:
    January 20th, 2009 at 9:12 pm

    You mean one of those places that fronts you money? That just goes on your credit report. You won’t go to jail for that.
  • Le BigMac Says:
    January 21st, 2009 at 6:01 am

    Why are you only “thinking” about paying them back when you can?
  • A.Mercer Says:
    January 22nd, 2009 at 12:31 am

    You can’t go to jail in the US for debt unless there is fraud involved somehow. The US does not have debtors prisons.

    What will happen is that these guys will harass you for the money. There are laws that say how debt collectors can treat people they are trying to recover money from however, the payday loan people are known for ignoring those laws or for finding ways around them.

    Another thing that may happen is that they could go to court and garnish your wages. I have heard of places putting liens on cars but I do not know if that was true or not. Might have just been a scare story. What you need to do is research the laws in your state to see what your rights are. Also do some checking on how legal payday loans are in your state. They have been banned in some states and other states have limited them.

    Here is a site that gives some of the states and what the rules are for payday lending or small loans.
  • twv23512651 Says:
    January 25th, 2009 at 5:02 am

    No you will not go to jail. Read the article below on “Not Paying Payday Loans Back”.

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