Legal Question in Credit and Debt Law in Florida

my reading of florida law says a person can have '1 payday loan at a time'. a friend of mine has more than that, and is spiraling downhill. does the law really mean '1 payday loan at a time', with a specific lender, or were the companies who loaned him the $$ on the other loans somehow breaking the law. thanks.


Asked on 1/09/12, 2:41 pm

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

A person should not use the same paycheck to secure more than one loan which exceeds the amount of his paycheck. Whether he or the lenders were violating the law depends on the agreements, whether the lender was aware of duplicate loans, etc. It can be similar to fraud.

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Answered on 1/09/12, 2:49 pm


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