What is the law regarding Signature loans?
Just Tryin’ 2 B Me! asked:
I have 2 signature loans and 2 payday loans. (I know stupid mistake!) Well now the first payment is due on the 2nd signature loan. The first signature loan i have been paying on time since January! My dilemma is this, i am flat broke and just got paid. Both signature loan payments are due this week! What is the law regarding defaulting on these loans? I over extended myself and no one is to blame but myself! I have no one to borrow the money from!
I have 2 signature loans and 2 payday loans. (I know stupid mistake!) Well now the first payment is due on the 2nd signature loan. The first signature loan i have been paying on time since January! My dilemma is this, i am flat broke and just got paid. Both signature loan payments are due this week! What is the law regarding defaulting on these loans? I over extended myself and no one is to blame but myself! I have no one to borrow the money from!
Tags: Law Loans, Signature Loan, Stupid Mistake
June 29th, 2009 at 12:32 am
From a lawyer. On very short term loans like payday loans the lender will file a criminal complaint of fraud and they will arrest you. They are bad news with a capital B.
June 30th, 2009 at 7:26 am
Well just pay a small amount on each loan due now and work on getting them paid off asap. As long as they get some money they won’t press charges.
July 1st, 2009 at 8:23 pm
so i think what larry is trying to say is pay the payday ones first. Go to the bank, explain your situation they may do something to help you. If you’ve had a good rep at the bank they will try their best to work things out with you!