What is the law on payday loan repayments?

Answer by  patti (29325)

The rules regarding repayment are in the contract that is signed by the borrower. The lender must abide certain laws and regulations, which they do, but the contract defines the repayment. It is a business transaction.

Answer by  Dean (4035)

Payday loans take advantage of the law to charge the maximum allowable interest and fees. The "law" is the contract that is signed between the borrower and lender. This contract determines how the repayments are to be made and what penalties are associated with default.

Answer by  patti (29325)

There is no law specific to PayDay Loans. The matter is covered in the contract that is signed by the borrower and lender. The terms of the contract constitute the rules, how the rules will be abided and what happens if the agreement is violated. If you have questions about a PayDay Loan, review the contract.

Answer by  Atomicrayon (2504)

Pretty strait forward. Assuming you didn't give them your car title or some valuable collateral the worst a loan enforcement office can do is to attack your credit and report you for not paying them back. In the long run this can hurt you, but they can't take what you own.

Answer by  worker2746 (2434)

There is no law persay that is specific to this type of loan repayment. This is a loan that is made by a corporation to a person and must be repaid along the terms of agreement.

Answer by  heather88 (1897)

You will need to consult your lawyer about that to see. The lawyer would know what you can do, or what you can't do. The lawyer has the information you need to know.