The decision to take a payday loan can be a temporary solution
to your financial difficulties, but if you abuse it there will be
a definite affect on your credit. It is unfortunate that many people
take payday loans knowing they will not have enough money to pay
it back with interest. In a case such as this, you are urged to
contact the lender, discuss your situation, and come up with an
alternate method for repayment. Many lenders will help and offer
you more time to come up with the owed money, though you will be
charged a rollover fee. Under all circumstances, do not default
on payment for your payday loan. A lender may take you to court.
Also, a lender reserves the right to send your information to a
collections agency. You may be permanently unable to receive a payday
loan if the consumer credit agencies are notified. There is a variety
of affordable services that can be of assistance to you through
your financial hardships. If you do not pay, a payday loan can be
an overwhelming debt. If you feel that the problem is unresolved,
seek information and practice debt management, budgeting and using
credit wisely. You may want to contact a counselor for advice. Counselors
are low cost and available at universities, military bases, and
credit unions. Immediately contact the FTC (Federal Trade Commission)
if you feel you have been deceived or a victim of fraudulent practices.
© 2006 Payday Loan Information.