If a $1,000 payday loan is left to sit without being paid towards, even once, what would the accrual of interest and late fees be like, after periods of time?

Let's say a disgruntled US citizen, disillusioned with the country, took out a $1k payday loan in order to fly to Europe on a one-way plane ticket and start a brand-new life.

The payday lenders don't get any of it back and they can't track him down.

What are the typical late fees and interests like on payday loans? Therefore, what will that $1,000 turn into once the time passed is:

1. 1 month
2. 3 months
3. 6 months
4. 1 year
5. 2 years
6. 5 years
7. 10 years
8. 25 years?

I also wonder what drastic methods the payday lenders will attempt, to recover the loan, after a long enough time.

Moreover, if there are news stories about payday loans being obtained by countryskippers, please link them. Thanks.

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^{xpost: /r/TheyDidTheMath: http://ift.tt/2rexEEY}

Submitted May 14, 2017 at 01:25AM by SoManyAssholesThere http://ift.tt/2qEOPT8