Personal finance website PaydayLoansOnline.net shares details of its guide for individuals in New York being pursued by illegal lenders. High-interest short-term loans are prohibited in NY and consumers can take action against law breakers.
NEW YORK, March 18, 2013 /PRNewswire/ -- PaydayLoansOnline.net has published a practical guide for New York-based consumers being illegally harassed or chased by payday lenders. The website explains that as the provision of the loans is illegal, so is the lender attempting to recover or collect from a borrower any monies owed.
PaydayLoansOnline.net made the announcement in the following statement:
"Failure to repay a payday loan in New York is not a crime. It is a civil matter. At most, a lender can attempt to obtain a judgment against a borrower in a civil court or sell a collection account to a licensed collection agent. But, as payday loans are illegal in New York, their repayment has to go through a third-party debt collector and only through the correct channels. A lender must not take enforcement action against a borrower. This includes intimidation tactics such as multiple letters, threatening phone calls and calling their employers or neighbors."
Nevertheless, PaydayLoansOnline.net reports that some unscrupulous lenders are attempting to collect the balance directly. Consumers living in New York that are being aggressively contacted by payday lenders demanding repayment should review the advice offered by PaydayLoansOnline.net and take the necessary steps to protect themselves:
To read the guide in full, visit:
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