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If you don’t have the money or credit to pay for a monetary crisis, you may be considering getting an online payday loan. However some payday loan providers aren’t honest about how exactly they gather on those loans and simply simply take more payments they would than they said.
The FTC sued Harvest Moon as well as other online payday lenders due to their so-called techniques in expanding high-fee, short-term “payday” loans. The companies told people they would repay a set amount with a fixed number of payments withdrawn from people’s bank accounts in websites, telemarketing, and loan agreements. But, rather than doing whatever they stated they might do, these firms kept individuals on a high priced treadmill machine — over and over over over and over repeatedly using money from their bank records, paycheck after paycheck, without ever decreasing the quantities they borrowed. Because of this, some individuals ended up spending around $1,200 for, say, $250 loans, claims the FTC.