Non-payment of loans simply equals to lower credit scores, which will eventually disqualify you from making any secured loans in the future. If your loans reach a default, expect to get really bad credit scores that will also disqualify you of any financial assistance when you most need it.
How to Get Rid of Payday Loans with a 5 Step Plan to Escape the Cycle Create a Personal Budget. Contact the Payday Loan Lender. Consider Opening a New Bank Account. Plan Ahead for Emergency Expenses. The Bottom Line with Payday Loans – Ask for Help If You Need It.
Defaulting on a payday loan can drain your bank account and trigger collection calls. Try to settle the debt if you can. A payday loan default can lead to bank overdraft fees, collections calls, damage to your credit scores, a day in court and garnishment of your paycheck.