Can a payday loan sue you 10 years later?

The statute of limitations for debt in Florida is five years. A creditor has five years to sue you for the money you owe. The statute of limitations is a law that limits the time that debt collectors can legally sue consumers for unpaid debts. The statute of limitations for debt varies by state and type of debt, and ranges from three years to 20 years.

Below, you'll find a list of each state's statute of limitations for different types of debt to help you get started, but keep in mind that credit card issuers sometimes argue in court that the law of your home state (not yours) should apply. If you choose this route, the consumer must use 100 percent of the loan's income to settle outstanding debts for this option to be effective. But if you're not comfortable doing so, another option may be a type of personal loan known as a debt consolidation loan. Since a quick loan is an unsecured debt, the collector can't keep your property without going to court first.

In addition, the eligibility criteria for applying for a quick loan are much simpler than those for a personal installment loan.

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