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News Consumer Protection Agency Online Payday Loans

Sunday, June 30, 2013

News Consumer Protection Agency Online Payday Loans
If you need a short term loan, you may be tempted by ads touting online payday loans. But before you click on a link, the Federal Trade Commission (FTC), the nation's consumer protection agency, has a few caveats to share. 

Lenders Don't Always Play by the Rules
The FTC recently sued several online payday lenders for violating federal laws. The lenders allegedly lied about how much their loans would cost, required borrowers to allow the lenders to take money from their bank accounts automatically, and threatened to sue the borrowers or have them arrested for non-payment. 
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