It means you default the loan if you canвЂ™t repay the loan amount plus interest on a due date. Florida legislation sets the statute of limitations for unpaid debts at five years. Which means that if you fail to repay your payday loan provider, the financial institution has 5 years to make use of the court system to get your debt.
Even though you neglected to spend the loan back on time, lenders can’t do whatever they wish to obtain the cash back, their actions are tied to Florida laws:
- No unlawful actions are permitted against you for the bad check.