If I have a payday loan but just found out that they are illegal in my state, am I still responsible for all the interest or just the principle?

Asked on August 16, 2014 under Business Law, Arizona

Answers:

Anne Brady / Law Office of Anne Brady

Answered 6 years ago | Contributor

Currently, you are a party in a contract who is responsible to adhere to the terms of the contract.  If you do not pay and you are sued for that, which would be a breach of contract claim, you would have the defense that it was an illegal contract and should be void.


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