QUESTION
Can a Same Day Loan company sue me for a debt that is 4 years old and 50% interest?
Asked on Nov 16th, 2012 on Bankruptcy - Utah
More details to this question:
I borrowed $250 from a Same Day Loan company in Utah in 2009 and they are requesting me to pay them back now 4 years later at a 50% interest and fees to the amount of $1,100. I am willing to pay my debt but I believe it is unreasonable amount. What should I do?
1 ANSWER
A same day loan company can sue you if you agreed to the terms of the contract and the law as it existed at the time the contract was made allowed for those terms. You also need to be aware that some same day loans actually come from financial institution located outside of the state and those laws may control, not the state where the loan was acquired. You should review your loan agreement and contact an attorney.
Answered on Nov 19th, 2012 at 11:15 PM