Can You Be Arrested For Not Paying A Payday Loan

May 29, 2009   ·   Payday Loan   ·     ·  

If you a frequent user of payday loans, then you might’ve already asked yourself a question: Is it a crime to default on payday loan? The quick answer is NO. You can’t be arrested for not paying back your payday loan. Really, according to the FDCPA (Fair Debt Collections Practices Act), it is ILLEGAL for a lender to threaten a consumer with the possibility of taking the matter to court.

It may be a third party collection agency who is threatening you about being charged with a crime or even arrested, it won’t ever happen, period. If it were possible, the court systems would be jam-packed. Fortunately though, it’s not the fact, so don’t worry about that any more!

Unfortunately, there are a few other problems associated with non-payment of you payday loan debt? First, the rapid increase of commission and penalties. The more it takes you to pay back the loan, the more commission and interest will be added making it less possible to pay back the debt as the time goes by.
Besides, you credit score might be seriously affected, since your payday loan remains unpaid. If the vicious cycle of loan extension continues and you continually roll over the loan, the worse your credit score will get.

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