Schenectady, NY asked in Banking and Civil Litigation for New York

Q: legal protections on loan

i took out a loan via reddit(im in ny they are seemingly based in canada) 2000cad for 7750 cad repayment in installments

unfortunately with a sick grandmother and being disabled the debt and subsuquent repayments have become crushing i wish i hadnt taken out the loan but i was desperate at the time.

They have threatened to sue for nonpayment previously but i staved them off by offering to make microscopic payments monthly for the time being

Can they sue me for a loan through Reddit?(they had me fill out a generic form on a 3rd party webpage)

Am I protected by usury laws for the predatory rate they gave me?

Ultimately what should I do?

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1 Lawyer Answer
Daniel Michael Luisi
Daniel Michael Luisi
  • Business Law Lawyer
  • Licensed in New York

A: Usury might be a defense, along with enforceability of the note. Consult an attorney to evaluate your case.

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