Re: Payday loans question....
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Posted by Robert M
(12.225.232.116) on June 18, 2002 at 01:38:20:
In Reply to: Payday loans question.... posted by Mlh on June 18, 2002 at 00:19:15:
I know that Payday Loans usually hold your postdated check for up to 2 weeks. I don't know about 30 days. Basically it works like this...They give you 100 dollars in cash and you give them a post dated check for 115.00 (or there abouts). They hold the check for up to 2 weeks. Then either you buy it back or they cash it. I would pay them whatever your contract said you would and then....to everyone...stay away from them. Regardless of their bad rep you could still be charged with writing bad checks (rare but it does happen). As far as a certain ammount of time to collect....yes they do...forever. There are certain time restraints on Law Suits and credit reporting...but I would just pay it and get it over with.
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