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How do I get back the amount I paid on illegal payday loan?

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How do I get back the amount I paid on illegal payday loan?

I had paid the interest rate on a payday loan as I could not repay it on time. but later I found out that it was illegal payday loan. What do I need to do to claim the refund. I have read I can send any kind of letter. Is the Cease and Desist Letter the same thing? Is the lender bound to repay the amount? can I file a lawsuit to claim the amount?

Hello Terrigyles!

First of all, you can complain to the CFPB or Consumer Financial Protection Bureau.

Secondly, you can file a lawsuit against the illegal payday lender.

A cease-and-desist letter may serve to warn an offender that legal action may take place if they don't stop the illegal activity.

So, Yes. You can send them a cease-and-desist letter.

Sub: #1 posted on Sun, 08/16/2020 - 22:49

Ryan Miller Ryan Miller

(Posts: 249 | Credits: )

Hi Terrigyles!
You don't need to make any interest payments for illegal payday loans. However, if you have already paid off interest, you can claim refund. Yes, for that, you can send a Cease and Desist Letter. Besides, you can file a complaint against the lender at CFPB (Consumer Financial Protection Bureau).

Sub: #2 posted on Fri, 08/28/2020 - 04:46

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

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