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I just wanted to know what the situation is with NY state payday loans I was advised not to pay them however I want to pay the principal - I have already paid 360.00 in interest on a 600.00 loan does anybody know what the law is actually saying I was told this is a binding contract the loan is with my cash advance-

You have paid $360. Since you want to pay the principal amount, so you should pay only $240 to the payday loan lender. The contract is not valid. Payday loans are prohibited in NY.

Sub: #1 posted on Wed, 09/18/2013 - 09:33

Good Nelly Good Nelly
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Follow the link in my signature line for full information on how to deal with illegal loans. You owe $240.

Sub: #2 posted on Wed, 09/18/2013 - 15:44

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