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The federal laws state that the amount the lenders can receive from your paycheque should be equal to 25% of your disposable earnings.
The disposable earnings are the ones remaining after deducting your necessary expenses. Some states even set a limit on how much wages the lenders/collectors can be garnished.
The expenses included are
- All federal and state taxes
- Social security taxes
- State unemployment insurance taxes
- Retirement funds
But they don’t include charity donations, health insurance, life insurance, and savings.
The entire process of wage garnishment can’t happen overnight. There are some rules and regulations followed by lenders/ collectors to garnish your paycheque:
Imagine, you can’t be able to pay your small payday loan and you fell under default. Thus, the lender/agent will make a call to you or message you about closing the debt.
If there’s no response, then the lender/collector can file a lawsuit against you and there it starts.
You should attend court. You will be given time to appeal. If in case, you lose the argument, then the concerned judge will give permission for the debt collector/lender to garnish your wages.
Thus, the lender/agent will directly contact your employer and garnish your wages completely according to law.
Thus, from your next paycheque, the amount you owe is deducted every month till the debt got cleared.
The payday loans are obviously unsecured loans. Some states allow wage garnishing for unsecured debts.
According to the Consumer Credit Protection Act (CCPA), there are limits above which the wages shouldn’t be garnished. It is limited to 25% of your earnings(after deducting your expenses) or the amount by which your weekly income exceeds 30 times the minimum wage. (whichever is less in these two).
But there are some states like North Carolina, Texas and South Carolina where their governments don’t allow wage garnishment for unsecured loans.
We at CashUSA24/7 are most trusted payday loan online lenders. If you are unable to pay the loan within the due date, you can request the lender for the extension in the repayment date so that you don’t have to go through wage garnishing. Apply now from online loan application and fill your details. Without any paperwork, we deposit quick cash into your account the same day or next business day.