What Happens if You Don’t Pay a Payday Loan in Florida?

More than likely you are familiar with payday loans. They are loans that are only provided for short terms, and usually are used for quick money when you have an emergency situation. Of course, they are designed so that you pay them back the next time you get paid, so usually they are not large amounts and are to be repaid within a short amount of time. However, you may be wondering, what happens if you don’t pay a payday loan on time?

cash payday loan in florida, USAWell, when you take out a payday loan in Florida, you will have to pay a sizeable amount of interest on the loan. Often this is up to 25% of the amount that you borrow. The interest is high because you get the cash fast, there is no credit check, and it is a very short term loan. The problem is, if you don’t pay back the loan on time, you could end up racking up more charges and interest, which can really cost you.

What happens if you don’t pay a payday loan in Florida? In some cases you could end up owing a whole lot more than you originally took out. If you continue to let the fees and interest build up, you could end up owing double or triple the amount you took out, or even more. Then what was a quick 30 day loan for an emergency, turns into a disaster that will cost you a whole lot of money.

Once you don’t pay off the payday loan when you are supposed to, you can get in a dangerous cycle of debt. While many companies in Florida don’t have a problem with extending your loan if you can’t pay it, they will charge you for it. You will need to get new repayment terms, and it will cost you more. Then instead of paying off the loan on your payday, you push it off, making the loan even bigger and more difficult to pay off.

Now you know what happens if you don’t pay a payday loan, and this should make you very cautious if you are considering one of these loans yourself. Yes, if you have an emergency and need the money, they can help, but you need to pay them off right away. If you don’t, you will end up in bigger debt and having more financial problems than you started with.

Before you take out a payday loan, find out what happens if you can’t pay on time. Know what you are agreeing too and what kind of fees will be charged. Most importantly, don’t take out a payday loan that you already know you won’t be able to pay. You’ll only end up in more trouble.

The Answers to How Do I Clean Up My Credit History

If you are asking “how do I clean up my credit report,” the first thing you need to do is to avoid speculating. That is, you will need to order a copy of your credit report. Upon receiving the report, you can examine it for errors and accuracies.

By having a copy of the report in your hand, you will know exactly where you have to go to clean up your credit report. Again, speculating on negative components to your credit score makes no sense. You need to have accurate info in front of you.

Being proactive is probably the best solution if you are asking how do I clean up my credit report. That means you need to take the steps to pay along debts on time. When those statements arrive in the mail, send out a check ASAP. Or, better yet, sign up for direct debit withdrawals so you do not miss any payments.

Paying more than the monthly minimum is a must for those that want clear credit. This helps pay down the debt you owe while also showing that you are willing to take care of your finances. In short, it shows you are being responsible which is a plus. And, of course, the fact that your debt would be decreasing is another positive towards your rating.

Avoid using those credit cards once you have aid off the balances on them. Actually, you will want to cease charging on the cards whether or not the balance is or isn’t paid off. The ability to clear your credit history will be made perpetually difficult if you keep using the credit cards. Doing so just piles on more and more debt. Getting those balances down to zero is the key.

If you are not able to get the balances down to zero, you can take solace in the fact that cutting the balances down by half or even one-third will work quite well in terms of the ability to improve your credit score and get you back to where you need to be.

Side note: Some banks are now closing down (or reducing limits on) credit cards of dormant credit cards. Others are charging “inactivity” fees. So be sure to use your credit card(s) from time to time.

And time is most definitely on your side when you ask how to clean up my credit report. Negative statements only remain on a credit history for 7 years. After that time has expired, negative information will drop off. It might seem like forever when you’re in the situation, but eventually you do get there.

That is why it is so important to avoid piling more debt. And, of course, it is also necessary to avoid any defaults or collection actions. You do not want to keep adding adverse statements to the credit report. You want it to get cleared out as fast as possible. This way, you can avoid a ton of problems with negative marks on the report.

Those that are truly stuck for a solution regarding “how do I clean up my credit report” would probably wish to look into professional counseling services. Such professionals may be able to offer a solution to your needs.

Now discover tips and tricks for cleaning your credit file that banks and credit bureaus do not want you to know.