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By: John Nelson

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Saturday, 12-Feb-2011 21:18 Email | Share | | Bookmark
Consequences of Default on Quid Loans

Before taking any type of Quid Loan, the borrower should be aware of all the ramification of borrowing cash. Consider all alternatives before taking a payday or cash advance loan. Incoming into such an contract should not be taken lightly. Danger regarding not paying back payday or cash advance loans can vary extensively from state to state, but none of them are in the least bit pleasant.
Paperwork Is Important
Should you choose to take a payday or cash advance loan, keep all the paperwork originating from any phase of the process in a safe place. If you misplace the paperwork giving you the vitals on the lender and your obligation, you could miss your repayment dates or the address for remittance. That will lead you down a very dark path. You will also need those papers should you feel the need to dispute fees or have other complaints against the lender.
Consequences of Default
Not paying back your loan can lead to increase in your financial liability. If you do miss payment or do not fulfill your obligation, you are going to be in a big mess that only you and an attorney can set straight. And that means a lot more expenditure. Bankruptcy may become your only choice. If you are on a payment plan, try to pay back more than is due each time you make a payment.

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