What is the limitation period on a payday loan? After how many years will it be illegal for MoneyLion in Florida to ask me to repay the payday loan that I had taken from them?
The statute of limitations on debt varies by state. In Florida, legal action to recover a payday loan has to be taken within five years.
However, if this period is over, it doesn’t mean that you don’t owe the money. It just means that the lender can’t initiate legal action. And it’s up to you to prove that the limitation period is over.