Legal Question in Consumer Law in California
illegal payday loan company
I took out a payday loan over the internet 2 months ago ( which now i know is stupid ). Anyway last month i found out that this paydyay loan company was ordered to stop payday lending in California in 2006 and i didn't know this before i took out the loan. This company does not have a license in California to do payday lending in and i since found out they don't have a license anywhere to do this kind of business. I have recently learned the payday loan laws in California that a company, internet or storefront needs a license or it is illeagal and they also have to follow the regulations in the state the borrower lives in, which this company did not do. So my question is....Does that make my contract/loan with this company null and void?? Because they have a desist and refrain order to stop doing this kind of business and because they don't have a license to do this kind of business California or any state.
2 Answers from Attorneys
Re: illegal payday loan company
The loan may be void, but you would still have to pay it back. In the future, check these people out before you borrow money.
Re: illegal payday loan company
If what you say is true, you may escape some or all of the interest as a result.
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