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What Happens If You Don’t Pay a Payday Loan Back on Time?

Having money to burn is always a good thing. In fact, with money you can buy whatever you need and want and not worry too much about it. Now, let us assume this money came to you as a payback loan? Then it is a completely different story. People who received their payback loan spend a good amount of cash on things within one day. This is OK as long as you have a plan and that you are going to spend it on something you are supposed to buy anyway. But what happens if you cannot repay a payback loan on time? This question should always be on your mind if you have an outstanding loan that needs to be paid back in short time. But, the sad reality is that a good number of borrowers always fail to make payments on time. The following are some of the problems that will happen if you are behind with your quick loan.

Credit Score Rating Goes Down

This is one of the first things that what happens if you do not stay current on the payback loan on time. Your credit score is what defines you financially. It also tells something about your paying ability to people you borrow from, be it from banks, online lenders, or from friends. The lower your score is, the higher your chances banks will never approve your loan application. Plus, nowadays, even before you open a bank account, the bank will check your credit score rating because they want to see if you are worth having a bank account with them.

Lost Job Opportunities

If you apply for a job, one of the things that the HR people will do is run a background check on you. This usually involves checking your credit score and if they see that you have not been making payments on time, they will take it as a sign you are being a procrastinator. No one wants that in their company and you might be turned down for a job or a position with the company.

The Blacklist and Bankruptcy Issues

These two are the gravest consequences of what may happen if you stay behind with the payback loan. Your name and social security number will be on the list of people who will find it impossible to get a chance to take out a loan, may it be online or in a bank. The worst thing that could happen too is that you will have to file for bankruptcy because after some time you will not find yourself unable to afford the high costs of paying back the fast loan.

So, the safest thing to do basically is not to take out a payback loan in the first place. When you refrain yourself from getting that loan, you are 100% sure that you will not be having any trouble with paying it back in the first place.

We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment. Our lenders may offer you a loan with an APR between:200% and 2281%. The APR on a small dollar, short term loan represents the amount of your loan, cost of the loan, term of the loan and repayment amounts and timing. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.

NOTICE: PLEASE BORROW RESPONSIBLY. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.


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