So even though they keep making payments pnb personal loan interest rate 2018 their loans, the amount they owe never gets any smaller. A borrower who starts out with a 400 loan and a 60 interest payment and then keeps renewing the loan every two weeks for four months will end up paying about 480 in interest and will still owe the original 400. Collections. In theory, a payday lender should never have any problem collecting a debt, because it can take the money right out of your checking account.
The problem is, if that account is empty, the lender gets nothing and you get socked with a hefty bank fee. But the lender usually wont stop with one attempt. It keeps trying to collect the money, often breaking up the payment into smaller amounts that are more likely to go through.
And, at the same time, the lender starts harassing you with calls and letters from lawyers. If none of that works, the lender will probably sell your debt to a collections agency for pennies on the dollar.
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