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 cash advance brandenburg ky, 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. Here's how the scam allegedly played out: The online payday lenders required borrowers to provide bank account information so they could deposit the borrowed funds electronically and withdraw the repayment amount from the account later.
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