Stopping payments on a payday loan?

I have a friend who had a payday loan and she decided not to pay it. She went to her bank and stopped payment on the checks that she had to write and on the ach so no money would come out of her account. Payday loans should be banned and made illegal. I have no idea if anything bad happened to her. But she did not pay back the loan and she did not loose her checking account.

Stopping payments on a payday loan?
trust me they are going to get there money some how along with you friends credit being jacked up why should they be banned you shouldn't sign something if you don't like the terms, its funny how your friends ripping them off and there the bad guy . loser.
Reply:They state that they can take legal action against you if you don't pay them back. I don't know. Have you found out if anything has happened to her since she did it? Also, how long has it been since she did it?
Reply:She will be turned over to collection. In the meantime interest will continue to accrue at the rate she signed the loan at, typically 325% (or more) APR depending upon the loan. There is also the possibility that she could be charged with fraudulently obtaining the loan(not intending to pay it back) and face criminal prosecution. She not only made a mistake by taking the loan out, but an even bigger one by canceling the check.
Reply:It will go to collections. Thats if they don't try to go after her for fraud.
Reply:You ought to be ashamed of yourself! "A friend..." yeah right!





I hope they take you/your friend to court. They will most likely take you/her to small claims or send you/her to collections. That will stay on your/her record even after you/she have/has paid it.





You/she should be glad that there are payday loans in cases of TRUE emergency. You/she took advantage of them. You/she are/is a thief.