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Payday Police

The decision to take a payday loan can be a temporary solution to your financial difficulties, but if you abuse it there will be a definite affect on your credit. It is unfortunate that many people take payday loans knowing they will not have enough money to pay it back with interest. In a case such as this, you are urged to contact the lender, discuss your situation, and come up with an alternate method for repayment. Many lenders will help and offer you more time to come up with the owed money, though you will be charged a rollover fee. Under all circumstances, do not default on payment for your payday loan. A lender may take you to court.

Also, a lender reserves the right to send your information to a collections agency. You may be permanently unable to receive a payday loan if the consumer credit agencies are notified. There is a variety of affordable services that can be of assistance to you through your financial hardships. If you do not pay, a payday loan can be an overwhelming debt. If you feel that the problem is unresolved, seek information and practice debt management, budgeting and using credit wisely. You may want to contact a counselor for advice. Counselors are low cost and available at universities, military bases, and credit unions. Immediately contact the FTC (Federal Trade Commission) if you feel you have been deceived or a victim of fraudulent practices.

Copyright 2006 Payday Loan Information.