oh boy, by illegal does this mean I only pay the p

oh boy, by illegal does this mean I only pay the principal, and what happens next? will they try to run my checking acct dry? boy I should have read about this sooner, but it seems legis, if I pay what I agreed on, will this be the end of it?

3 Answers

You will have to pay only the principal amount, if they are not licensed to operate in your state. Illegal lenders can’t take any legal action against you. On the other hand if they are licensed, then you will be accountable for both the principal and interest. You can close your bank account or request your bank manager to put a hard debit check on your bank account so that the illegal lender can’t debit money from your account in future. Ask them for the refund, if you have paid more than the principal to the illegal lender.

Yes, true, I agree with Anna Sweeting. They can debit money from your checking account even after you repay the principal amount. So, either you should close the account, or take steps to repay whatever you owe as soon as possible.

If your payday lender is not licensed to operate in your state, then it will be considered as illegal. In case of unlicensed payday lenders, you will be liable for paying only the principal amount and nothing else. If they try to debit money from your account, then you can either place a hard debit block on it or close down your bank account.

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