Can a payday loan company have someone arrested for defrauding a banking institution?
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Can a payday loan company have someone arrested for defrauding a banking institution?
Asked on October 15, 2012 under Bankruptcy Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If there is evidence of actual criminal intent--that is, the person took out the loan under false pretenses, such as he/she never intended to repay it; or used someone else's identity to qualify for the loan; or otherwise lied when applying for the loan; etc.--then yes: the person could face criminal liability. But if there was no criminal intent and the person simply has fallen on hard times and can't pay, while they can be sued, they should not face criminal prosecution.
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