Is it possible to visit prison for maybe perhaps not paying an online payday loan?

Although taking right out a quick payday loan might appear such as a solution that is quick a short-term shortfall of money, into the majority of instances, it actually delivers borrowers deeper into financial obligation. In reality, the buyer Financial Protection Bureau (CFPB) issued a study showing that in a 14-day duration, 80% of borrows find yourself being forced to rollover their payday loan or apply for another loan to pay for the pay day loan. Which means just 20% of borrowers already have the amount of money to pay back once again their cash advance.

Therefore, what are the results when you're one of the 80% of borrowers whom can’t manage to spend back their pay day loan? (more…)