The 2 Biggest Consequences of Neglecting Payday Loan Near Your
Posted by Richard Flores on 2022-05-05
With nothing more than a valid identification, proof of employment and bank account information in hand, the most time consuming aspect to taking on a cash advance is waiting in traffic to get there.
However, while obtaining a loan is simple, neglecting repayment can be all too troublesome for borrowers. And more often than not, they’ll be seeing sky high late fees, rollover loans and overdraft charges chewing up their bank account.
You’ll Cough Up Cash Immediately
Once your payday loan period is complete, lenders near me will attempt to withdraw the cash you owe from the bank account you provided them. Should the money come out cleanly, it will likely be the last you hear from your lender.
But, if you’re straddled with insufficient funds, prepare to see the arena get ugly. Overdraft charges range anywhere from $15 to $50 depending on the bank, so get ready to see red on your statement should you forgo repayment.
You’ll Be Facing Late Fees and Rollovers
Thinking of closing your bank account to avoid a repayment?
Not so fast. While every lender is different, chances are you won’t see an unpaid loan go unnoticed. Some states will stack on late fees and roll it over if it goes unchecked, and both will accrue over time if you leave your loan to fester.
Avoid a Cyclic Payday Loan Path
While instant cash gratification can lure us towards risky payday loans, be sure to map out a plan for success to get you over a payday loan hump.
Read the fine print. Make sure to memorize your loan’s due date back and forth, and vow not to go over.
Live frugally. Payday loans are risky financial resources, so treat them as such. Make it a priority to pay off your loan doing whatever’s necessary to avoid rolling over.
Financial consequences for laughing off a lender are grim. To avoid finding yourself in a potential pickle, make sure you know exactly how much you’ll be paying, and when you’ll be paying it to steer clear of troubles down the road.