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Payday loan dispute
Anonymous4 views2 answers
I took out a payday loan form an online lender when it was time to pay, the lender only took the interest instead of the whole ammountthe second cycle came again and same thing occured. they keeptaking $90 evey two weeks for a $300 loan. i did some looking around and found out that they are not lincensed to dopayday loan in FL and they are affliliated with a native american corporation from OK.
what is my legal stand point. is this loan legal at all??
Robert A. StumpfBankruptcy AttorneyStaten Island, NY ·
Usually people that are taking pay day loans are in difficult financial straits (they are a terrible deal to begin with). If you can't pay your other debt, pay day loans are not the answer- you might be better off with a bankruptcy filing. Have you considered that? If you can't pay your living expenses, then you have consider what your monthly budget is and what you can afford....but here too, payday loans are not the answer.
In your case, if you don't pay, what can they really do? Will they sue you for such a small amount? I doubt it. They can and will harass you, but beyond that, eh. Except for going after the bank account you gave them and harassing you, etc there is probably not much that will happen.
