Information On Cash Advance Laws On Returned Checks

From time to time, one may need to borrow some money from a lender for fulfilling different needs

. The relationship between a lender and borrower has been long lived now. Whenever, legal cash advance lenders loan out money, the borrower generally enters into a legal binding agreement that makes him to repay the loan amount along with any fees that has been regulated by the government. However, for any returned checks from the borrower, there are no laws that govern the payment. At times, this may happen that the check gets returned back due to insufficient amount in the borrower's account.

In case of legal loans, if the borrower's check is returned back to the lender from the bank for insufficient funds, there are no criminal charges that can be filed against the borrower; however civil charges can be filed. As per the law, no law has been broken by the borrower of the legal cash advance to file any criminal case against him.

However, for any returned check pertaining to legal loans, there are different types of legal fees that are applied. The bank holding the borrower's account can apply fees on the account for the returned check. In addition, by law the legal loans lender can charge the fees to the borrower for the fees that company's bank will charge for he returned check into the account. By law, all these fees and charges should be borne by the borrower, if apply.

In addition, law allows the legal cash advance company to file a small claims suit against the borrower to retrieve the money given to him. The judge will be the one to decide if the legal loans lender company is eligible to receive all the funds given to the borrower and what fees in addition should be paid by the borrower in addition to the loan amount. The laws of course vary from one state to another. To avoid all these inconveniences, there are many legal cash advance companies who prefer to give many other payment options to the borrower including the various payment plans and the payment extensions.

by: Carol Moore

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