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Illegal Payday Loan and Collection Agency. I have a collection agency who is coming after me for an illegal payday loan and dinged my credit.  I overpaid the principal by $50.00.

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As for your credit, contact the bureaus and inform them about the matter. Illegal pdls are not supposed to report to the credit bureaus. Dispute to get it removed. You can even file a complaint with the FTC or the State Attorney General.

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"I have a collection agency who is coming after me for an illegal payday loan and dinged my credit. I overpaid the principal by $50.00."

Well, you're only supposed to pay the principal on illegal loans. You can ask for a refund. Send them an email stating that why're they're illegal in your state and you're not obligated to pay them. Ask them to stop adding up on your credit and request a return email which states that your account has been paid in full.


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Last Updated on: Fri, 8 Jun 2018