What do you do when you can't repay payday loans?

I can't repay my payday loan. What should I do?

1. charge interest for the time after the loan was due, which can be up to 2.5% per month.
2. add other late fees and charges to your loan.
3. send your file to a collection agency , which will affect your credit score and make it harder to get loans in the future.

1. What happens if I can't pay back my payday loan?
2. Can I stop paying my payday loans?
3. Can you be sued for not paying a payday loan?

What happens if I can't pay back my payday loan?

Payday loans come with exorbitant interest rates and fees that often make them very difficult to repay. If you can't pay back a payday loan, the account may be sent to a collection agency, which will damage your credit.

Can I stop paying my payday loans?

To stop the next scheduled payment, give your bank the stop payment order at least three business days before the payment is scheduled. You can give the order in person, over the phone or in writing. To stop future payments, you might have to send your bank the stop payment order in writing.

Can you be sued for not paying a payday loan?

Short answer is yes, a payday loan company can sue you in court if you default on your debt. In order for them to take you to court, you must be delinquent on your payments and in violation of your loan agreement. Note: payday lenders can only take you to civil court — not a criminal court.