A calling loan gives a right to a bank or a lending institution to demand the loan repayment anytime. The conception of the loan might seem aggressive but these loans are legal. It doesn’t mean that the borrower should be afraid of a bank demanding money at the most inappropriate moment. Calling in loans is expensive and non-beneficial for banks. This is usually the last stage, often when the repayment period almost comes to the end.
There are two types of calling loans – those that have an expiration date and those that have no expiration date. In both cases, a bank has a right to demand the repayment anytime.
How to stop payday loans from calling?
Some experts recommend first send a letter to the bank, company, or debt collecting institution and ask them not to call you while you are at work/not to call you to the job. If the phone calls have illegal character, it might be considered as payday loan harassment and you can apply to the Federal Trade Commission for protection. Of course, it’s better to familiarize with FDCPA debt collection rules to know about your duties.
You can contact your company and talk to them sincerely explaining your situation. These were common ways how to get fast payday loans to stop calling.