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Does anyone here know the laws on pay day loans? I've searched for answers but its still unclear. I'm in Michigan, payday loan company is in OK. $1000 original loan amount and they are trying to collect $240 every two weeks, to recur until next may! This is almost $5000! Is this legal? I thought it was once a month for 6 months, then they I realized they were taking the payment every 2 weeks. I obviously didn't read the fine print and should've looked into this further to start, but here I am. I have stopped the ACH withdrawal, and sent a message to AWL requesting a cease to any collection activity due to illegal loan practices. Can they sue me?

 

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