Anonymous
Anonymous asked in Business & FinanceCredit · 2 months ago

how often do payday lenders actually sue?

people on youtube say they can not sue because they accepted the post-dated check and if funds are not available they are out of luck, is this true

7 Answers

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  • 2 months ago

    Are you thinking it might be easy to scam a payday lender? Good luck with that. There's a good reason they're still in business. They're relentless and usurious. (Look it up.)  You'll pay them FAR more than that temporary boost to your cash was ever worth. 

  • 2 months ago

    Contrary to what some people say, it depends on the state you are in whether or not a place accepting a post-dated check is wrong or not. They are in essence accepting a check they know when they accepted it was worthless. Therefore, cannot claim you wrote a hot check. This is the case in Texas where I reside at least. I have had those payday loans before and a couple of them I stopped paying on. I received letters in the mail to pay them but not a single one ever actually sued. It all depends really on how much you owe. Most places that don't sue for a debt you owe either are too busy to try to sue you and simply overlook it, or the amount is so small to them it isn't justified to sue.

  • 2 months ago

    They can sue.  It is not illegal to accept a post dated check at all...though sometimes it is illegal to WRITE one.  You owe the money, they can sue.

  • 2 months ago

    Payday lenders will sue almost all the time.

    They have processes and employees to easily follow through with the legal process.

    If you write a post dated check and don't have the money in the account, the district attorney in your area can be notified that you passed a bad check.

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  • 2 months ago

    People on YouTube are not in the legal profession. 

  • Tavy
    Lv 7
    2 months ago

    No it's not true. Loan companies sue if they don't get their payments. There are no loopholes.

  • 2 months ago

    When looking for legal/financial/tax advice, remember that advice received from friends, relatives, coworkers, and "people on YouTube" is normally only wrong about 99.999% of the time......

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