Payday loan laws differ from state to state in the US. If you have changed your current job and are moving to another state then you are liable for legal action from the lender if you intend to move without paying up. The legal action against the borrower largely depends on how the borrower cooperates and how the state deals with such people.
In such a case, a collection company would come after the borrower to extract the amount. They would first send you a letter and then probably call you up on the phone. If they are not satisfied with your answers then you can expect the matters to heat up. Payday loan laws entitle the loan agencies to legal enforcement to pay the cash advance amount. The laws would solely depend on how the state would cooperate.
Never think that you would be off the hook for the debt amount because regardless of which state you are in, you would soon be tracked and made to pay up. Try not to get into this mess and pay back the loan amount as soon as possible. This would prevent troubles from chasing you everywhere you go. If you have moved out of a state, then you would probably have a few extra weeks to pay back until the collectors trace you. Make use of this time and work out something so that you can pay back immediately.
What A Payday Loan Can Do To You?
• Consider these cash advances as short term financial help only.
• Never depend on them so much that they ruin you financially.
• Make sure that you pay back on time to avoid roll over and other hassles.
• A debt is still a debt, no matter where you live. To avoid a confrontation with the collection agencies, pay back on time.
The payday loan laws in certain states are very strict. This is in the interest of both the lenders and the borrowers. The state has imposed such laws so that the borrowers do not land up in a bad financial condition. To prevent this from happening, the loan amount is restricted to only half of the borrower's monthly income. This new law has recently come into force and it has widely helped in regulating the payday loan industry.
Article Source: //EzineArticles.com/1362341
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