What is the statute of limitations on a payday loan in louisiana?

Asked over 2 years ago - Kenner, LA

My husband had a few payday loans 8 yrs ago and We are wondering if he's in the clear. He was in an accident and couldn't pay them.

Thanks!

Attorney answers (1)

  1. Michael J Corbin

    Contributor Level 20

    Answered . The statute of limitations in LA is 10 years for written contracts, but it is only 3 years for "open-ended accounts," which are typically credit cards. I'm not sure how LA treats a payday loan, but since it's not "open-ended," but, rather, a specified amount, I'd have to say the SOL is 10 years from the date of LAST payment or agreement to pay.

    We can be reached at 507.334.0155. Our web address is: www. corbin-law-office.com This answer is not to be... more

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