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Did you fail to repay the Payday Loan?
If you are one of those who thinks ‘Can I be arrested if I don’t pay my payday loan?’ Then there is a positive answer for you stating, you cannot be arrested if you can’t repay your payday loans. But the consequences are not favorable for you either. You can still be taken to the court and as per the court’s judgement, your wages can also be garnished. But, then there are various ways by which we can avoid all such inconveniences.
Things to know before taking payday loans
When you realize that you need a payday loan; there are few things that you should take into account. Let us have a look at them!
- Know about how payday loans can be beneficial or even be harmful to you.
- The consequences that you may have to face if you don’t pay back the loan.
- Learn in detail about how a cash advance loan works.
- Start making provisions for timely repayment of the loan.
- Give some time and think if you actually need a loan.
Things to know when you can’t repay your loan
You may pay the loan after following the abovementioned steps. But even if you still fail to pay it back then you should apply the following ways.
- As soon as you realize that you can’t pay back the loan; you should always contact your lender and negotiate directly. Payday lenders don’t intend to trouble you. And a lot of payday lenders like PaydayLoanTeller helps you with various options on your inability to repay the loan.
- Be aware that a payday lender can’t threaten you or disclose about your non-repayment of the loan to any of your acquaintance.
- The lenders can contact you only between a specific time period that is permitted by the law and not beyond that.
- Talk to a credit counselor and take his/ her advice.