What if you cant pay back your payday loan?
If you miss the scheduled payment date on a payday loan the
interest rate will mount at a rate of 1% per day, there will also
be a late payment charge attached to your account. If you are
unable to pay the loan within 60 days of the scheduled payment date
the loan will be sent to debt collection
Related Q&A：
What is meant by payment term DP 60 days？Well, when you hear \payment term DP 60 days\ it basically means that the payment is done through documents against payment and the buyer has 60 days to make the payment after receiving the goods and the necessary documents. So, it gives the buyer a decent amount of time, like two months, to come up with the money and settle the bill. This kind of term is often used in international trade to set a specific schedule for the payment process. Oh, and it's important for both the buyer and the seller to be clear on all the details and terms to avoid any confusion or potential problems, you know?
