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If you don't repay a payday loan, you can expect to accrue desire and costs. You can begin getting collections phone calls, and at some point, your account could get bought to your collections company. You could get sued in excess of payday loan credit card debt, however, you will not be arreste
You will take funds out of your respective retirement account. But Except if you repay that money inside five a long time (or previously should you drop your task), you will owe a ten% withdrawal penalty in addition to revenue tax on the money.
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