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You will not go to jail if you do not pay
When you take a payday loan; you agree with all the terms and conditions of the payday lender. And, if you do not repay it, then it is simply a breach of contract. You cannot be considered as a criminal and hence cannot be prosecuted or jailed. But for not paying back payday loans, you may face a civil suit followed by court’s summons. Therefore, you should always enter into negotiations with the creditor first, so that they don’t sue you. And responsible lenders like PaydayLoanTeller, always try to figure out ways, so that the matter does not have to be taken to the court.
What Happens If A Lender Sues You?
The first step a lender can do is, file a suit against the you for the unpaid amount. The judge can then order you to pay back the money to the respective lender. And, even then if you refuse to repay the loan, then by the court’s rule your employer will be authorized to garnish your wages, and pay it to the payday lender. In case, you are not working anywhere anymore, then the court can even order you to sell your properties or assets for paying your loan back to the lender.
So, if you do not pay back or fail to make the repayments; it is always better for you to first approach your lender and try to settle the matter with them. But even if that is not working out, be assured that they can never put you in prison for this.