Nobody likes to stand in front of judge, for missing a single payday loan. It will definitely take a beating to your credit score and history. It will take huge toll on your financial wellness. We should be watchful in taking payday loans and it is definitely not wise enough to take on this loan. Take the help of mark curry lawsuit . Though some pucker up the courage to take it up but it should not be a usual affair or you will stuck in the rut and will not be able to cope with looming interest rates that will work beyond your means and make it really difficult to pay back, there will be a time you may not be able to afford to that one repayment which would turn out to be a worst mistake you have made as the lenders are allowed to sue for one single non repayment. There you are stuck in court with the added fees, penalty and of course the humiliation.
Knowing the repercussions of payday loans
Many people who have crisis feel taking a payday loan is the easy way out and don’t realise that it may sound hunky dory when you can get a loan so fast without much of a collateral and not even checking on your credit score, you would jump at this opportunity especially who find it hard to meet ends every month. The payday loans turned out be boon but a devil in disguise. People sooner or later come to know the repercussions of taking this loan when they find it difficult to repay it back in such a short period of time which is a month or less. The repayment would be a part of your salary and you realise once again you are short of money for the month and again you pick a payday loan which would run into endless borrowings which you would kind of not coming out of.
Once a while such loans can be really useful in case of an emergency, but such regular loans can burn a hole in your financial well-being and you will never be able to make savings and always be able to curb your overspending. When you learn to live within your means and only take loans which can be paid back yet not affect your financial security. The need for the borrower is to go and take loans that can be paid in instalments and when you have a good amount of money at hand you can payback all of it and save on the interest for the remaining instalments and get debt free.
Payday loans have to be paid at once if not you become a defaulter. Many have faced the hardship of not being able to payback on time and they resort to other lenders and get payday loans from them, with a number of payday loans on you will never be able to get out of the loan cycle and loan sharks who will be after you. The high interest rates are what the lenders depend on making a fast buck at lending you the money with no credit check or collateral along with a faster processing of the loan application.