Anonymous asked in Business & FinanceCredit · 7 years ago

What if you dont pay payday loans?

What if someone gets two or 3 payday loans and has no money to pay them back?? They try to pay them back but get laid off from there job.The payday loan people sue you but you have no money or any in the bank..This person is making car payments to a dealer so the car is not theres so can the payday loan people take there car if its not there property? Im in missouri and curious I know there a bad idea...What wud they take if you have nothing no money except maybe cash to pay a car payment answer only if you know for sure I know there bad news....

2 Answers

  • CatDad
    Lv 7
    7 years ago

    You will for sure get some really aggressive collection calls. Debt collectors have no direct legal power over you and they cannot take your car.

    As a general rule, if the debt does go unpaid then they will eventually sell the debt to a 3rd party collection agency that will try to annoy/harass you into paying. You are much less likely to be sued over payday loans as the debt is small...$300 or so....

  • Anonymous
    7 years ago

    You will get sent to collections in a heart beat!

    Even if you were sued, a judgment is unlikely to attach your car so there is little change you would lose it. If you were sued, they could garnish wages or seize money in bank accounts. In no cases are home or cars sold over judgments.

Still have questions? Get your answers by asking now.