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illegal loans or legal?

Date: Mon, 10/24/2011 - 12:59

Submitted by notar1
on Mon, 10/24/2011 - 12:59

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Total Replies: 3


How do you know which are legal loans or illegal loans? and what really happens if you miss a payment with these loans


Hi notar,

You can check out the pdl laws of different states from the given page: http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html . Here you can find the names of the state where payday lending is legal. If you miss payments on legal payday loans, then the lender can take legal actions against you. However, in case of illegal payday loans, lenders can't take any legal actions against you.

Take care.


lrhall41

Submitted by savion.parker on Mon, 10/24/2011 - 20:31

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Savion is right. Legal lenders can file a lawsuit against you because of non-payment of debt. Once the court issues a judgment against you, then they can garnish your wages or place a lien on your property. On the other hand, illegal lenders won???t be able to take any legal action against you if you miss payments.


lrhall41

Submitted by sally.nachelle on Tue, 10/25/2011 - 03:19

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