Payday loans are essential solutions for any financial trouble. Many borrowers rely on payday loans because of their low barrier of entry and their availability. However, there are also some potential downsides. A payday loan has high interest rates and even higher penalty fees. You may end up paying twice the total value of your principal. Some payday lenders are also too persistent with their collection methods, which can be too harassing for many borrowers.
If a payday lender is harassing you too much, you need to take action. By implementing some key strategies, the lender will possibly renegotiate with you.
Assess the Situation
Just like in any pressing situation, you need to do a preliminary assessment. What are the current actions of the lender? Are you receiving verbal or physical abuse from the lender? Is the lender threatening your friends and family? By assessing the situation objectively, you can contain your emotions. You should also understand that the payday lender will resort to various collection methods because there’s no collateral in the agreement. All collection methods employed by the payday lender must be 100% legal.
Inform Your Friends and Family
Once you’ve done your assessment and realized that the lender is actually harassing you, it’s time to inform your friends and family. Talk to your close friends first. Probably, they will ask you why you resorted to a payday lender. The reasons won’t matter now because you’re dealing with the harassment. By informing your friends, you’re hedging yourself and making the payday lender liable for anything that might happen. Next, you need to inform your family. Be honest about the harassment. Your spouse and kids may react quickly, but you should hold them at bay. Make them aware about the capabilities of the payday lender that’s harassing you. After this, you can now move on to the last step.
Talk to the Authorities
If the lender has caused enough distress and affected your lifestyle negatively, it’s time to bring the authorities in the frame. Tell them everything about the harassment. If you’ve documented the lender’s actions, show it to the authorities. This way, you can turn the tables around and the matter can be taken to the court.
Presence of mind is important when you’re dealing with an aggressive lender. Watch out if the payday lender is starting to get violent with his actions. In the future, before approaching a payday lender, make sure that his reputation is favorable.