Is it true that closing out your bank account while you have an outstanding payday loan simply turns the loan into debt? My elderly father is in a horrible cycle he can't get out of, and as a result is living without electricity because payday loans have zapped his every penny and he can't afford to pay it.
Answer
Payday loans are illegal in NY and should be in Florida, but they are not. Have your father contact a consumer lawyer to see if the interest being charged is a violation of law. If you own money on a payday loan, it is automatically a debt.
See www.ConsumerLawyerHelo.com
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