Introduction
To handle an online payday loan is the most difficult thing to do. Payday loan refers to the advance cash loans that are generally regarded as the pitfall for several customers. A post dated check is given to the lender by the borrower. This is then transferred to the borrowers account from the lender’s account. This method is normally done by the means of electronic systems.
Step 1
Tip 1:
You must keep in mind that if you somehow fall prey to check fraud then you are liable to be arrested on request by the lender but it must be remembered that failure to pay the online payday loan then it is regarded as a civil offence and not a serious criminal offence. Again the claim to your failure stands groundless unless solid evidence is provided on part of the online payday loan provider. Also proving that the borrower never intended to pay the loan in the first place is a very difficult thing.
Step 2
Tip 2:
Even if you are in debt regarding your online payday loan then you must remember that you have not lost any of your rights as a consumer. There is a recent practice amongst the lenders who pressurize the borrowers to pay their online payday loan as fast as possible. Any unfair means taken as a part of the extraction of loan by the lender must not be entertained. You must also keep in mind that there are certain lenders who tend to require the bank account number of the borrower so that they can withdraw any amount of money from the bank of the borrower.
Step 3
Tip 3:
A tactic to stop the lender to continuously make withdrawal from the borrowers account to pay the online payday loan is to freeze the existing bank account and open another account in a different bank. The key again is not to give the particulars of this account to the payday loan lender again. Another thing that is to be kept in mind while opening new account is to ensure that the bank does not transact links of the old account to the new account created. In this case whenever the lenders will attempt to withdraw from the old account the bank will reach for the new account created.
Tips
Tip 4:
Also you must know that once the old bank account is closed then the borrower can negotiate terms and conditions for payment of the online payday loan. Several states have several different rules for the payment of the online payday loan and these jurisdictions must be kept in mind wile dealing with the lender in order to negotiate the payment. If in case the lender does not accept your plans then you may reach the attorney general of the state and consequently file for complaint.
Tip 5:
Again if you are the one who is suffering from online payday loan debt, then you may even consider a consolidation program for the said debt. It refers to the practice where you opt for the negotiation of lower rates of interest on your online payday loan and therefore multiple bills may be consolidated to a single bill which you will need to pay only once in the course of the month.
Source
cashone.com
