What to do with a pdl more than the capped amount
Date: Sun, 04/28/2019 - 22:35
If there is a cap on a pdl in a state and a person takes out more than that amount, then what needs to be done?
The lender is not supposed to
The lender is not supposed to lend more than the specified amount. If they do, then they are breaking the state payday loan law. In that case, the loan becomes illegal. You're only required to pay the principal amount in that case. What state are you in by the way? You can register a complaint against the company as well.
Which state are you from?
Which state are you from? Once a lender provide money to a borrower more then the state's payday lending cap, the loan will be considered as illegal. THe borrower may pay back only the principal amount if he or she want to.