However, some lenders require that loans be repaid within 14 days, even if you get paid only once a month. Other lenders may allow you up to 35 days to repay the loan. What happens if I can't pay back a payday loan.
If you can't pay back a payday loan, the lender might automatically withdraw the funds from your bank account. If there is insufficient money in your account to cover the charge, this could trigger bank fees. If the lender is unable to recover cash advance montgomery al amount due, your loan might be transferred to an outside collections agency, and this transfer could take place in as little as 30 days.
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Some even use loans to fund events such as a wedding or vacation. To the lender, your ability to repay the loan is more important than what you plan to use the loan for. Personal loans are often unsecured and require no collateral.
Loan seekers with marginal credit may be able to obtain this type of loan with the help of a cosigner. Payday Loans. These loans are usually small, short term and available to those with high-risk or marginal credit. They are called payday loans because, originally, the loan term lasted only till the borrowers next payday. Consumers turn to these loans to pay for unexpected emergencies or to cover living expenses.