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Is it against the law to have more than two payday loans?

Posted in Credit | 3 Comments »

3 Responses

  1. Diane M Says:
    January 9th, 2010 at 10:53 am 1

    You can have as many payday loans as you want as long as you can pay them back. I would try to get them paid off and stay away from this type of loan because the interest is very high. They dont work like conventional loans so you probably cant consolidate them.

  2. Dwasifar K Says:
    January 11th, 2010 at 6:23 am 2

    No, it isn’t illegal. Though it really should be illegal to even have ONE. Those things are viciously predatory and exploitive. There used to be usury laws to prevent that kind of loan sharking. Don’t know what happened to those.

    And yes, you can (and should) place that debt on your consolidation plan if you are consolidating.

  3. edco Says:
    January 12th, 2010 at 10:22 pm 3

    Not illegal

    Just really, really dumb…

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