Used poorly, payday loans can ruin your life. Payday loans can ruin your life with bad credit, collections, aggressive phone calls, and empty bank accounts to just name a few of the horrors of using these advance loans improperly and falling behind. The following article will outline some of the ways that too many cash advance loans can ruin your life.
The dangers of having too many payday loans are many and many people find themselves upside down and unable to get back on their feet because they misunderstood how advance loans work. Whether you are falling behind on many loans or only have one that you are unable to pay, the following dangers still apply.
Collections
Defaulting on your loan agreement can lead to bad credit if your lender reports the 3 report bureaus. I am sure you are aware, a declining credit score makes future financing more expensive and more difficult. Cash advance lenders also commonly report to a system known as Teletrak which acts like a reporting agency for payday borrowers. If you are reported as delinquent, you will be sent for collections and payday lenders will no longer extend you credit.
The most insidious part about falling behind on your advance loans is that they have access to your direct deposit account and will deduct your paychecks directly before you get access to money you might need. This is a great convenience when you are on time with your payments, but if you have multiple payday lenders eating your paycheck before you get to it, you can be left with nothing for your vital needs.
Lastly, do not underestimate how aggressive collection agencies can be when pursuing you to repay a loan in default. They will call multiple times a day, often mislead you with false information and threats, and generally are about as annoying as they can be.
Any of these are how payday loans can ruin your life, but that being said when used properly they can be an invaluable tool for fast money. Just be very careful and do not apply for too many payday loans at one time, and always be sure you can meet your loan agreement before you borrow.
How Payday Loans Can Ruin Your Life - Bad Credit, Collections and More
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