CarFAQs.net » Auto Financing http://carfaqs.net Car FAQs and Tips for Buying and Selling Thu, 26 Feb 2009 11:55:15 +0000 en hourly 1 http://wordpress.org/?v=3.0 Can I be arrested for default on Payday Loan? http://carfaqs.net/can-i-be-arrested-for-default-on-payday-loan/ http://carfaqs.net/can-i-be-arrested-for-default-on-payday-loan/#comments Sat, 20 Dec 2008 04:15:28 +0000 Michelle http://carfaqs.net/?p=71 Are you asking yourself “can I be arrested for default on a payday loan?“ If so, there are a few things that you should know. There are no debtor’s prisons any longer. If, however, you intentionally defrauded the payday loan company by lying about employment or committing some sort of fraud on your paperwork, then you can be arrested as fraud is a criminal offense.

Thus, the answer to the question, “can I be arrested for default on a payday loan” lies in your own motives. If they are honest and you have not committed any sort of fraud in obtaining your payday loan, then you will not be arrested if you default.

For the most part, if you default on your payday loan due to circumstances such as you cannot pay the debt, the loan company will seek a judgment against you in civil court. They can then enforce this judgment and attach any of your assets. This includes your bank accounts and even your wages. Payday loans are made to those who are working and who have steady income coming in. They are usually secured by your next paycheck. If, for example, the company goes out of business and you do not get your next paycheck, they cannot arrest you – you did nothing wrong.

On the other hand, if you defraud the payday loan company by saying that you work at a certain place and not really having a job, then you can be arrested for committing fraud. This is a criminal offense and can carry with it criminal penalties, including jail time. If you are asking “can I be arrested for default on a payday loan,“ you should check out
PayDay Loans

]]> http://carfaqs.net/can-i-be-arrested-for-default-on-payday-loan/feed/ 0 Auto Financing http://carfaqs.net/auto-financing/ http://carfaqs.net/auto-financing/#comments Fri, 17 Nov 2006 16:18:45 +0000 Dennis http://carfaqs.net/?p=6 Negotiate and settle on an exact price for the car before you discuss financing. Sometimes dealers will give you a break on one aspect of a car purchase–say, a low-rate loan–but then increase up the price of the car to compensate. Beth Kobliner, Get a Financial Life (1996)

]]> http://carfaqs.net/auto-financing/feed/ 0 Car Down Payments http://carfaqs.net/car-down-payments/ http://carfaqs.net/car-down-payments/#comments Fri, 17 Nov 2006 16:15:59 +0000 Dennis http://carfaqs.net/?p=5 Be wary of financing options that require “no money down” or a very low down payment. A low down payment increases the size of the loan you will need and the amount of interest you will pay over the life of the loan. Beth Kobliner, Get a Financial Life (1996)

]]> http://carfaqs.net/car-down-payments/feed/ 0 Check Car Finance Interest Rates Before Buying http://carfaqs.net/check-car-finance-interest-rates-before-buying/ http://carfaqs.net/check-car-finance-interest-rates-before-buying/#comments Fri, 17 Nov 2006 16:14:48 +0000 Dennis http://carfaqs.net/?p=4 If you are interested in buying a new car, before you set foot in a dealership, check with a credit union and at least two banks. In some cities, the difference among bank rates can be more than four percentage points.

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