Legal Question in Credit and Debt Law in New York

The company can sue you in civil court for not paying. If they receive a judgment against you, the company can place liens on your assets and garnish your wages.

NEW YORK OFFICES

MANHATTAN AND LONG ISLAND

Keep in mind that payday loans are illegal in New York. However, companies get around these laws by using banks in other states and transferring funds electronically.

If you are sued, take the complaint and contract to an attorney to discuss possible defenses. Pay attention to NY caps on interests and disclosure requirements. In addition, check to see if this company is licensed and has prior complaints by going to the NY State Banking Department's website - www.banking.state.ny.us/silicend.htm

To learn about about payday loans and your rights read - http://www.consumer.state.ny.us/pdf/educating/credit_and_finances/payday_loans5.pdf