Can a pay day loan take out money from another account that you didn’t authorize?
Question by Shanta: Can a pay day loan take out money from another account that you didn’t authorize?
I recently got a pay day loan. I paid on it for a while and decided to contact debt consolidation program to assist. I closed out the account that the pay day loan was with. I opened up a new account. I so happened to help my mom with a loan and pay day loan company I had previously tried to take money from my new account, is that legal?
Best answer:
Answer by roderick_young
I don’t know about legal, but it sounds moral. Check the agreement you signed with the loan company, it may provide for something like this.
What do you think? Answer below!
the contract you signed probably lets them do just about anything. if they get a judgment, they have even more power.
there are good reasons why payday loan companies gets bashed so often here and elsewhere.