Bankruptcy does. What happens if I cant repay my payday loan. Issues with late repayments. Published on Thursday 12 April 2018. Payday loans sound simple and straightforward but if you cant repay the loan on time, they can quickly become a nightmare. In this Article.
A survey by Which. found half of people with payday loans were unable to repay their debts while a third were hassled by debt collectors in the last year.
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Late Payments Hurt Your Credit Score. Please be aware that missing a payment or making a late payment can negatively impact your credit score.
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