Q: Would I have to go to jail for an illegal loan?
I live in NY where payday loans are illegal. I was so desperate and needed money. I used the address
of a shipping company in Delaware that has virtual PO boxes. I borrowed 4 loans, a total of $5,000. It seems like a lot but it barely scratched the surface. It was a very poor decision and I hate myself for it. Anyway I defaulted because the payments were just too much and they kept debiting my account outside of the dates payments were due. When I signed the contracts for these loans I used my real name, real social security number, real job, real NYS id number. Everything but the address was real. I am doing my best to try and pay them back now but I am incredibly scared to lose the little life I do have. I have NEVER been in trouble before EVER. Is there any way out of this for me? I am trying to get on a payment plan with these people but I want to tell the truth and give them my real address. I’ve also been thinking about going to the DA and confessing but Im scared to death.
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A: Don’t bring anything up with the DA/AG. Pay the loan back and if you cannot, contact the company to modify it/make a payment plan. They have way bigger fish to fry.
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