On line payday lending has end up being the crazy West of consumer finance, replete with fraudulence, threats and unauthorized account withdrawals.
ThatвЂ™s the image painted by a written report released on by the Pew Charitable Trusts thursday. The report comes after current actions by federal regulators against fraudulent online loan providers.
Pay day loans are usually tiny, short-term, high-interest loans built in advance of the paycheck. Typically, payday lenders operated away from storefronts, but increasingly, the loans are going into the online; about a 3rd of payday advances are actually originated on the web. Continue reading “Customers Warned About Pitfalls of Online Pay Day Loans”