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I have 3 payday loans that are 2nd time loans with the first paid off at 250% plus. I am behind on bills and can't afford to pay them. I have only paid the rollover interest this time so far. I live in NJ and heard that they can only charge me 30% interest. If so I have paid both loans with the interest from the other. Also if I close the bank account can they charge me with fraud?
no
btw pdl's are prohibited in NJ so any loan will be illegal.so the only fraud is on the lenders for illegaly lending.close that account,and ignore any threats of fraud.
Payday lending is prohibited in NJ. That means all lenders are illegal in your state. You owe them only the principal balance, nothing more than that. Close down your old bank account immediately and open a new one to stop debiting money from your account. Don’t worry, they can’t do anything.
Forget about charging you 30% interest. They can't even charge you any interest rate as they're illegal in NJ. So, demand a refund in case you think you've overpaid.