Can I shut my bank checking account to try and stop a payday lender from taking funds as a result?

Yes, but the payday loan provider will likely quickly take collection action. Once you remove an online payday loan, you either compose the financial institution an individual check or provide the loan provider authorization to simply take cash straight from your own bank checking account. You owe, the lender might keep trying to cash the check or withdraw money from the account anyway if you close the checking account to keep the lender from taking what. Which could end up in overdraft costs owed to your bank.

The payday lender might deliver your loan to collections

Then you will see extra fees and expenses. While it is in collections, the collection agency might try to sue you to get what you owe if you do not pay the debt.

In order to avoid collection actions, first take to speaking with the manager for the store for which you’ve got the cash advance. See when they enables you to spend your balance in a installment plan. Reveal to the supervisor:

You owe at once why you cannot pay all.

You’ll want to repay it over many months.

You repay what you owe in an installment plan, make your payments on time to avoid collection actions if they agree to let. Continue reading