Legal Question in Credit and Debt Law in Pennsylvania

I foolishly took out a payday loan I just found out that payday loans are illegal in the state of Pa and the company I took out loan with has in their information that they only loan money to individuals in states where they are licenced and legal they are neither in Pa I am willing to pay amt I borrowed with a payment plan but not high interest what are my rights in regards to an illegal loan?

Asked on 5/28/13, 1:24 pm

1 Answer from Attorneys

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See an article on my website:

Basically in PA if the lender is not licensed, then it is limited to 6% interest. So you owe what you borrowed and 6% interest and no more. The payday lender is not allowed to collect the usurious rate of interest they are charging.

I would contact the PA attorney general's office for assistance.

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Answered on 5/28/13, 11:48 pm

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