What happens if i can't pay back a payday loan

what happens if i can't pay back a payday loan

I have brain cancer and am on social security. Last month I ran out of money for the medications I need to live, so I caved and got a 'payday loan' from a checksmart for $200. It came due this month and I couldnt' afford to pay it back (again because of more urgent medical things). So they called and told me it would go to their corporate offices. I won't live very long, so it really doesn't. How payday loans work. Payday loans may go by different names — cash advance loans, deferred deposit loans, check advance loans or online payday loans — but they typically work in the same way. To take out a payday loan, you may need to write a postdated check made out to the lender for the full amount, plus any fees. Payday loans sound simple and straightforward - but if you can’t repay the loan on time, they can quickly become a nightmare A payday loan default can drain your bank account and trigger collection calls, a lawsuit and wage garnishment. Here are some actions you can take to protect yourself if you cannot pay. If you defaulted on your payday loan or think you can't pay it back, find out your rights and what steps the lender could take against you. Florida law sets the statute of limitations for unpaid debts at five years. This means that if you do not pay back your payday lender, the lender has five years to use the court system to collect the debt. What happens if I can't pay back a payday loan in Texas? I got a payday loan for $250. I had to refinance it and the balance of $339 is due soon. I am about to move and do not have the money to pay. If you're in need of some fast cash to make it to your next paycheck, you may be thinking about taking out a payday loan. This may be particularly true if you don't have the best credit and can't get approved for other types of loans. What exactly happens if you do not pay back a payday loan? I took out a payday loan and received a call from an office saying I would be charged with check fraud if I did not pay the $350 dollars. I have been given a summons for court over payday loan, i did try to pay this loan back but they would not take partial payment, i am now going to court though and since borrowing i no longer have money, income, have filed disability, and yet to receive anything. I don't have any thing in my name either. what will the judge do? here in TN