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I have 2 internet payday loans that I've been paying interest only on for over 2 months now. I'm finding it extremely difficult to pay them any more than what the finance charges are. I live in Florida and have the following 2 internet payday loans:
One Click Cash- Borrowed $400 + $120 finance charges every two weeks.
Advantage Cash Services- Borrowed $200 + $60 finance charges every two weeks.
Can anyone tell me if any of these are legal and if not, how I can go about dealing with them?
Payday loans are legal in Florida. You owe them both the principal amount and the interest rates. You may get help of a debt consolidation company to repay your debt amount.
Both are illegal lenders. You owe them nothing more than the principal balance. As you have already overpaid them, so ask them for the refund. Simply close down your old bank account and open a new one to stop debiting money from your account. Don’t worry, they can’t do anything.