Like other payday loans, you have to repay your loan in full along with borrowing fees by your next payday. For example, if you borrow $100 in California, you’ll be charged $17.64 in interest and repay the loan within 14 days. That borrowing cost of $17.64 equates to an APR of 459.90%.
Considering this, can Ace Cash Express send me to jail?
4 attorney answers
Absent fraud you can’t go to jail for not paying a debt. Pay day lenders threaten jail all the time and it is not legal under the FDCPA (fair debt collection practices act).
Besides, can u go to jail for not paying a payday loan?
You will not go to jail if you do not pay a “payday” loan. … A creditor may pursue collection of a debt through the civil courts in the United States; however, debtors cannot be prosecuted in criminal court for not paying a debt.
How much can you borrow from ACE Cash Express?
ACE Cash Express offers payday loans in California from $100 – $255. If approved, the amount you may borrow will depend upon your income and standard underwriting criteria.
What happens if you can’t pay back a payday loan on time. … the payday lender or collection agency could sue you for the debt. the payday lender or collection agency could seize your property. the payday lender could go to the courts to take money from your paycheques (also called garnishing your wages)
The average payday loan default rate is about 6%, the same as the typical credit card default rate. While many payday loan users cannot repay their loans on time, there are various means for lenders to recover the money.