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Fast Cash: How Taking Out a Payday Loan Could Land You in Jail

As such, they are often loaned out to people who have low credit scores and low incomes. New York was the first state to abolish incarceration for debt. By completing submission you agree to Cash Store Terms. I was floored, because I was expecting to work out a payment plan. All of our loans all involve you getting money fast.

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Even when customers avoided jail, the Observer has found, payday loan companies have used Texas courts and prosecutors as de facto collection agencies. This is despite state laws that forbid payday loan companies from even threatening to pursue criminal charges against their customers, except in unusual circumstances.

The law specifically prohibits theft charges when a post-dated check is involved. Most payday loans require borrowers to provide a post-dated check or debit authorization to get the money. Still, payday lenders have found courts and prosecutors willing to take cases.

The practice threatens to jail people for debt. The costs of incarceration, though minimized by squalid prison conditions, often grossly exceeded the debts, suggesting that punishment was the overriding motive.

In the first two decades of the 19th century, humanitarians confronted authorities in several states with a litany of abuses, and the public came to see the practice of jailing debtors as repugnant. New York was the first state to abolish incarceration for debt.

Other states followed, and Congress passed a federal statute banning the practice in Debt-collectors and other financial firms, the newspaper reported, are suing borrowers over unpaid credit cards, consumer loans, auto loans and other debts. Many people report never receiving a notice of the lawsuit and end up with an arrest warrant obtained through the courts. The Observer has found a justice of the peace in Harris County who has handled almost hot-check cases, a Class C misdemeanor, for Cash Biz, an Ohio-based payday lender with 24 locations in Texas.

In Amarillo, the wife of a military veteran with 23 years of service complained to the Office of Consumer Credit Commissioner that the Potter County Attorney was pursuing theft charges against her husband even though the couple was in bankruptcy.

But she expressed discomfort with the situation, noting that the vast majority of borrowers had either lost their jobs or had their hours reduced at work. At some point last year, she started getting calls from people—some in tears—making payments to Cash Biz through the court. To her, it sounded like the debt was being collected from two directions—a debt-collection company and through the court. She told Cash Biz to stop filing hot-check complaints as long as the company was using debt collectors.

The court, Cinque said, gives borrowers as much time as possible to pay and tries to avoid issuing warrants. Most payday loan companies in Texas have their customers fill out a post-dated check or authorize an electronic debit from a checking account for a future date. When the loan is due, the company either cashes the check or debits the account. Cash Biz, on the other hand, gets checks from their customers dated for the day of the transaction.

If it bounces, then the company claims it has the basis for a hot-check charge. Reached by phone, Cash Biz President David Flanagan said he would have someone else in the company call me back. The promise is that you will eventually pay the money back with interest. In the payday loan model, the check is security for the loan, not payment.

As Roger Tillman began looking into how to avoid jail time, he grew angry. His complaint to the credit commission triggered an investigation.

It was an attempt to collect on a debt by coercion. There were other details that bothered Tillman. The Office of Credit Consumer Commissioner has occasionally told payday lenders to stop seeking criminal charges against customers, but the agency has no jurisdiction over judges or prosecutors. After Tillman wrote to the consumer credit commissioner in August to complain about his situation, the agency investigated.

This should keep Tillman and other borrowers out of jail. The consumer credit commission has 30 field examiners to cover 15, businesses, including 3, payday and title lenders. Only two customers, including Tillman, have ever complained to the commission.

How Would That Affect Texans? Most Recent in Environment: It Really Has No Choice.

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