How bad is it if you dont repay payday loans?
Lets just say I get a few payday loans ..and I dont repay them because I lost my job or something what will happen?
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Well, the theory is that you write the place a check, and pay them back with about 15% when you get paid. Huge rip-off, but maybe you need it, right? Well, if you can pay, they may deposit your check anyway, and you bank can sue you for the bounced check, and you can be charged up to three times what the check was worth in the first place. If you pay back a little at a time, the interest is ridiculous – close to 450 percent in some places.
I got a title loan against my better judgment a while back, and ended up paying nearly $4,500 for a $1,000 loan, thanks to those exorbitant interest rates!
very bad for your credit, not to mention they kill you with interest rates
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