Can You Be Charged With Fraud For Not Repaying A Payday Loan ?
A payday loan is the financial help a person takes by giving their pay check as guarantee. If you are in a situation where you need money urgently at your disposal and you do not have it until the next pay check comes in, then a payday loan can bail you out. There are advantages and disadvantages of pay day loans. |
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In order to get a payday loan, you will need to submit your previous pay slips for at least 6 consecutive months. This will establish the fact that you have a reliable job, and you can repay the loan. Once you get the loan, you need to give the company one or two postdated checks to repay the loan. The repayment time depends on the individual company's policies and your personal negotiation abilities.
In case you do not pay back your payday loan, it can damage your credit report to start with. The company that gave you the loan has all the details like your social security number, driver’s license number and your address. They will file a case against you in the court as a worst case. However, you cannot go to jail just because you did not pay back the loan. A check that is given in connection with a payday loan or any other similar kind of business should not be presented when the issuer has insufficient funds in the bank. When the check was made, it is clear that you, as an issuer, had insufficient funds in the bank and the creditor was completely aware of that.
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