It would be funny if it wasn't so sad. If you go through the thousands of blogs regarding payday loan places, you actually begin to wonder about the intelligence of those who frequent them. Payday loan places, that is. The only thing apparently sadder than the people who seem to be obtaining these exorbitant loans are those who seem to be defaulting on them. State and federal system have long demanded payday loan shops publish and distribute borrowers' rights info with the loans they issue, yet the internet is full of questions, posted by the anxious who appear unaware as to what payday lenders may and cannot legally do. This editorial will help you separate the payday loan fact from fiction.

Am I going to get in jail for not paying my pay day loans?

Did you get arrested for not paying your electric bill? In America, there aren't any debtors' prisons. You could thank your founding fathers for that. These used to be in England, but they do not exist here. It really does not make a lot of sense, our founders decided. Nevertheless, if you're in jail, how can you make an effort to cover your bills? What can happen, however, would be that the payday lender can move forward with a civil charge against you and sue to get the money you owe them.

I can not pay. Is there anything I can do?

Well, whatever you do, don't ignore them. Many payday advance places will continue to work something out with you. There are some that require, however, that you contact them before the loan is due to make arrangements for reimbursement. There is something called "hardship repayment" that a lot of do not advertise. Given our current economy, if you have had something happen such as loss of a job, you may be eligible for a pay back system. It is vital to ask for this though and many won't be much easy about offering.

What's a reimbursement plan?

Instead of rolling over the loan and continuing to repay interest, a settlement plan, also called a hardship repayment plan, converts the loan, if you will, into a longer term loan. In this way, your fully loan is split into multiple payments, normally not more than four, and the interest or finance charges stop. So, if you borrowed $500, which, with the finance charge would be $588, that repayment scheme might look something like four payments of $147 to be made every two weeks (every pay day).

Are they actually allowed to call me non-stop?

Unfortunately, yes. You could request them to stop calling you every hour on the hour, but they aren't a third party collector and so legally permitted to contact you ad nauseum, if they so desire. You may ask them not to call you at your workplace and they must stop

See, you got yourself into this mess and now you're going to have to get yourself past this mess. Much of this requires you take action and make yourself alert to your rights and alternatives. Grab the phone and call. It may not be easy, however , you might be amazed that many of these companies are willing to cooperate with you.

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