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Borrowers who're considering a payday loan should be mindful of the potential consequences of default, including a lawsuit and damage to their credit score. Some payday lenders advertise themselves instead of traditional banking institutions, but they are not subject to the same regulations and oversight as banks and lending institutions. Borrowers that are struggling with payday advance debt should be conscious of their rights under state and federal consumer protection laws, which may provide additional protections against harassment as well as other predatory practices. Bankruptcy is a legal procedure that can eliminate most unsecured debts, including pay day loans, although it may have serious consequences for the borrower's credit score and financial future. Payday loans could possibly be more expensive for borrowers who have no savings or emergency fund, as unexpected expenses or emergencies will make it challenging to repay the loan on time. Payday loans could be more expensive for borrowers who've no other designs of credit, as lenders may view them being a higher risk for default. Payday loans will also be known as pay day loans, paycheck advances, or check loans. Borrowers should also be mindful of their rights under state and federal consumer protection laws, which may provide additional protections against predatory lending practices. Payday lenders often require borrowers to provide post-dated checks or authorize electronic withdrawals from their bank accounts to secure the money.