How do I deal with payday lenders that are not licensed in my state?

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How do I deal with payday lenders that are not licensed in my state?

I have a number of internet payday loans that I recently found out are illegal here because they are not licensed. I contacted the my state’s Department of Commerce just to verify this infromation. They told me that they are all illegal except the ones that are Tribal entities. I have paid these lenders a ton in interest and still have not paid off any of the principle. I have been told that I am only responsible for paying the principle balance minus any interest I have paid on these loans because they are illegal. How do I go about getting the payday lenders to agree that I have paid them what I owe?

Asked on October 31, 2012 under Bankruptcy Law, Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult with a consumer law attorney about the situation you are in and the perceived illegal loans that you entered into due to lack and license in your state and usurious rate of interest. The consumer law attorney who practices in the area of pay day loans will know how to handle your matter.


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