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They report you to the credit police and collectors start calling. Sucks, been there. Bastards are all blood suckers!!!
You are in default. Lowers your credit rating and the penalities just keep adding up. Better get on phone and make some arrangements to pay it off in smaller increments.
Then get a second job.
“Your credit will get locked.”
No, that doesn’t happen. LOL Short term loans like payday loans aren’t reported on your credit.
It is good advice to secure a second, larger loan to repay the first. Avoid the websites offering payday loans because most offer outrageous rates and penalties.
Check out http://www.paydayfinder.com to find a local loan center that you can call and talk to someone in person about your needs.
This is where you will fall into the “trap” that most people can’t get out of.. You have to contact them and explain your situation and see if you can do a payment plan.. If not, your account might go to collections and they can sue you.
This is not a situation you want to be in. Laws will vary from state to state as far as how long they can let your roll it over, and the interest rate that you can be charged. They will let you do it for as long as possible. DO NOT DO THIS. PAY IT OFF… They are great options for when you need cash fast and easy. They are not a good long term SOLUTION.
I’ve bookmarked this site to go back to…
http://www.safelinked.info/go.php?link=loan
All the best to you.
Every reputable payday lender online will allow you the option of extending your loan until the next payday. Before your payment is due, make sure to call them and extend the loan. It’s easy and will buy you some time.
I’d recommend paying it off as quickly as possible however. The interest rates can get to you if you don’t pay it off soon.