Confused about PDLs

Because even though the loan may have been illegal to loan in your particular state...you still are morally obligated to pay back what you borrowed from the company....

Why.. then why not get a loan from a company that you know is not licensed and not pay back. this is wrong if you borrow pay back Legal intrest and rhe loan amount.. otherwise whats the difference in breaking the law any other way like stealing.. I dont think anyone here is saying DONT pay back a loan from a unlicensed company Just pay back the LEGAL amount.. princable plus intrest... just my .02

I agree. I feel morally obligated to pay the original loan amount. I was more so asking about the legal aspect of it.

I'll ask more clearly: Would I LEGALLY be obligated to make payment to a PDL company NOT licensed in my state? Any payment, whether it was on principal or interest.

It's not something I want to do, I just want to understand fully how it works...

ask the AG. Very few on this site are able to give GOOD SOUND legal advise..
I would make a call and find out from your States AG...

sorry hit sumit to soon
I am not saying that good advise is not given here but this questin is for a lawyer.. One who knows the laws in your state..

Just want to clarify...I don't like these PDLs taking more from me than they legally can. (You know the saying...do to others as you would like done to you.) I am an honest person. I can see how that first post came off as scummish. I want to pay the original loan amount back. I have...on ALL, PLUS tons of interest. It's just something that peaked my curiousity.

understand.. Just some have come here looking to scam the scamer. I get how mad we all get having been taken advantage of.. but if we borrow we need to pay back the LEGAL amount..
Frankly.. for me I took the money because I needed it.. now I paid back more then I should yes and I stood up.. but.. I did not take and try to scam them..
again just my .02

Fully agree with you. I just spoke with a company I have welllllllllll over paid (pif, plus 95% of original loan) and frankly, I don't want to sound like an ass when speaking with this companies. I want to be fully educated on this subject. Something I should have done before I ever took any...cause I wouldn't be in this mess now. ;)

as they say hind sight is 20 20..
Been there too...
good luck and dont give up push until you get the LEGAL stuff...
I did and it worked,, after you get to the princable it gets easier.. :D sometimes and do call the AG and complain.... I dont think anyone show pay more then legal..

as they say hind sight is 20 20..
Been there too...
good luck and dont give up push until you get the LEGAL stuff...
I did and it worked,, after you get to the princable it gets easier.. :D sometimes and do call the AG and complain.... I dont think anyone show pay more then legal..

It also depends on your state laws . . . .

Technically, some state laws very clearly state that no payday loans whatsoever are allowed. If a company loans to a consumer of that state they are taking the risk. Legally speaking, the consumer wouldn't legally have to pay back the loan in that case.

But the majority of states don't have clearly defined laws on payday loans. Because of this, most states can't say 100% that a loan is void if the company is unlicensed.

But morally speaking, you should always pay back what you borrowed.

And if someone were to use this site to take out a loan knowing that they weren't going to pay it back and didn't legally have to pay it back, then that person could be arrested for fraud. If you know a loan is illegal when you take it out, then you are also breaking the law, in my opnion.

oh yeah? Who is going to prosecute you for fraud? If they are not legal, they are not going to prosecute you.

Second of all, I have 5 payday loans out. I just took out a new one last week because I had to have money to pay my other fees on the other ones. I just spoke with a bkcy atty and he said to quit paying all of them and start the bkcy process. Am I going to be prosecuted for fraud for not making one payment to this one I took out last week? No, of course not. He said the worst that could happen is that is would not be discharged because it was so recent. In any event, I would only have to pay back the principal.

Quit scaring people, geez.

You obviously aren't reading what I'm saying.

If you take out a loan knowing you will not pay it back, and have no intention of paying it back it is considered fraud. Look it up.

Your situation is different. Although the pdl's could legally contest your bk because the debts aren't 90 days old, they probably won't.

These are all loans I took out MONTHS ago after my ex-fiance passed. I haven't taken any new ones since I found out the next month on my bank statement how they really work. :p I took all of my PDLs in the same month. I wouldn't take a loan out with an intention of not paying it back...I don't know if any of that was directed towards me, so I wanted to clarify. :)

what a bunch of balogna. Quit scaring people, you are not going to be prosecuted for fraud. They would have to set up a lawsuit, which why would they do if what they are doing is illegal in the first place? If you take out a loan not intending to pay, the worst that can happen is they will never leave you alone for the rest of your life, or a mark on your credit report.

Fraud is serious, and nobody is going to charge you with fraud on an illegal pd loan!!

No it wasn't directed towards you . . . Since you asked the question of if legally speaking you had to pay them back and since the answer in some states is no, I just wanted to put in that going and taking out a loan without any intention of repayment breaking the law.

I am with Goudah...I do not feel guilty about supposedly "defaulting on my pdls" because I have paid them back their principle plus the interest plus a little bit more...Now If I had taken out the loan and never paid it back I would feel pretty low....

anna_girl

This is what makes me nuts, So you say I took out a loan and I am not paying it back.. GOod for you.. I think that this should be fraud.. Taking a loan and paying back the RIGHT amount and calling a stop to over charges is ok. like going to a store and buying a shirt paying and being overcharged. you say something right? But if you go to the store are over chargedc but PUT the shirt on your credit card saying I need a shirt for a date or what ever and cant afford the shirt but you charge it anyway.. and then file bk to avoid the cost to me it is the same.. WRONG. but I have Morals..

Abby - You don't really know what you are talking about, and you aren't reading what i'm saying.

If you take any loan out without the intention of repayment, and are going into it planning on taking the money and running, then yes, you are breaking the law. Regardless of whether or not the pdl is operating legally in your state or not.

I'm not saying that you will be prosecuted, but you could be.

Why are you coming onto this site and encouraging people to defraud companies? You aren't any better then these pdl's when you do something like that.

Ok, ok, ok...I'm going to bed finally and taking my can of worms with me! Sorry if I started a subject that has obviously gone in the wrong direction.

I hope nobody takes a PDL loan with the intention to never repay it. Tisk!