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What Happens When a Cash Advance Goes to Collections?
Posted on Monday, May 28th, 2019 at 12:14 pm in Financial Planning Info
Everyone who applies for a cash advance loan knows that they will have to pay the loan back, and they have every intention of doing so, but in some cases it is not as easy as they had expected. If you run into some sort of problem at your job or can’t get the money together you can quickly fall behind on the cash advance payments. If you fall too far behind your account can get sent to collections to try to get the money back. Learning what happens when cash advances go to collections is important for anyone considering this type of loan.
When a cash advance gets sent to collections the first thing that will happen is you’ll begin getting phone calls from the collections agency. The collections agency is often a third party company who bought the debt from the cash advance company. Other times it is just another arm of the cash advance company. Regardless of the company that is handling your account it is important to know their process.
Collections companies will attempt to work with you to get the money you owe them quickly. If you’re unable to make a payment right away then they can often get rude and even try to harass you into making a payment. This is technically illegal but these collection agencies are good at walking the line between harassment and legal collections tactics.
It is important to remember that you do have rights in the matter and just because you’ve fallen behind on some bills does not mean you don’t deserve to be treated with respect. As long as you’re providing the collection company regular updates about what you’re doing to try to come up with the money they should be satisfied. Most of the time you’ll have several months before they start threatening to bring you to court to get the money.
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