Is it possible to visit jail for maybe not having to pay a quick payday loan?

Is it possible to visit jail for maybe not having to pay a quick payday loan?

Although taking right out a pay day loan might appear such as a solution that is quick a temporary shortfall of money, when you look at the greater part of instances, it really delivers borrowers deeper into debt. In reality, the Consumer Financial Protection Bureau (CFPB) issued a study showing that in a 14-day duration, 80% of borrows wind up being forced to rollover their cash advance or submit an application for another loan to pay for the loan that is payday. Meaning just 20% of borrowers already have the funds to cover back once again their pay day loan.

So, what goes on when you are on the list of 80% of borrowers who can’t manage to spend their payday loan back? Do you want to face prison time?

So what does what the law states state about being jailed for maybe maybe not debts that are repaying? Continue reading “Is it possible to visit jail for maybe not having to pay a quick payday loan?”