Nothing.
They will turn it over to collections but it can never be considered a non sufficient check if its presented to a bank because it was a loan..not for an item or a service conducted for you. Once its turned over to collections, it will be on your credit report but other than that, nothing relating to a criminal issue.
What happens if I don't pay a payday loan back?
They'll contact you constantly and track you down until you pay then. Plus, when you do go to pay them, you'll have tons of interest and owe more.
What happens if I don't pay a payday loan back?
You incur a huge amount of interest, they will cash the check you wrote them when you took out the loan. If that bounces they will take you to court. Pay that loan now before you get in over your head.
What happens if I don't pay a payday loan back?
what she said plus it will be reported to your credit.
What happens if I don't pay a payday loan back?
Did you write them a post-dated check off your checking account? If so they will go to your bank every other day or a couple times a week and try to catch your account on a day right after you've made a deposit or they will send it off to collections and you will have collectors calling you all the time till you pay it back. Its not a pleasant experience and they will work with you if you can't pay it all back right away.
What happens if I don't pay a payday loan back?
It depends on the company. Some payday loan companies make you write a check in advance or authorize an electronic check, which means that if you don't honor it, you've written a bad check, which is illegal. That can get you into some serious trouble.
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