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Illegal Lending & Mortgage Practices

Illegal Payday Loans

If you took out a payday loan in the last three years that is harming your credit, or if you are concerned that your current payday loan may be illegal, our consumer attorneys want to hear from you.

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Illegal Payday Loan Details

A payday loan is generally a short-term, high-interest cash loan targeted at borrowers who need money between paychecks. Due to the high interest rates and unfair terms or fees common among these loans, many borrowers become trapped in a cycle of debt that far outlasts the original payday loan.

Fortunately, most states have laws that limit the amount of interest and fees that may be charged to borrowers, whether those loans are provided in a store or online.

We understand how unfair and intimidating it can be to take on a payday lender on your own, and we would like to help. Our consumer protection attorneys can review the terms of a payday loan to see if it violates your state’s protections against predatory lending practices.

Examples of Potentially Illegal Payday Loans

A summary of state laws governing the practice of payday lending is available on the National Conference of State Legislatures website.

Your payday loan may be in violation of the law if:

  • You were charged unreasonably high interest rates or fees (for example, some states cap interest rates at 8%).
  • Your lender entered into the loan agreement without conducting an investigation into your ability to repay the loan, or knew that you would be unable to repay the loan.
  • Your loan exceeded the maximum loan term length or loan amount that is allowed in your state.
  • Your loan was issued in a state in which payday lending is prohibited.

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