If we can stop the scammers from accessing consumers bank accounts - then we can protect the consumers and starve the scammers, said Michael Bresnick, the former federal prosecutor who directs the task force, in written remarks before the Exchequer Club of Washington, D.
No longer focused only on companies with a clear connection to the financial crisis, the group wants to protect consumers from mass marketing fraud schemes - including deceptive payday loans, he said. "Mass market fraudsters" Referring to online payday lenders repeatedly as mass market fraudsters, Bresnick said the working group is focused on banks and payment processors that where to get a personal loan with low credit it possible for online lenders to operate in states where their loans would be illegal.
Bresnick lumped in online "deceptive payday loans" with more clear cut fraudulent industried like fake health care discount cards and phony government grants. Payday lenders offer short-term loans of a few hundred dollars, mainly to poor, cash-strapped customers. Until about five years ago, they operated mainly out of storefronts that offered a range of money services to people who cant or wont use traditional banks.
Consumer advocates have long called for stricter limits on the industry, which ensnares many borrowers in a cycle of borrowing anew to repay a previous loan and which can charge interest rates that exceed 1,000 percent. A number of states, including New York, have tried to eliminate the practice by capping interest rates. Yet the industry has proven resilient.
HOW TO FIND OUT HOW MUCH YOU CAN GET WITHOUT EVEN CALLING ANYONE. We have found the best way is to look to see what other people have funded for using the same car as you. To do this, we post every few months a list of car make, model, and city, state along with how much money someone received. Take into account that this is only a guide but will give you a good idea. There are MANY factors that make up these numbers so dont be discouraged if it is not what you wanted.
Maybe the person who got that amount lived in a state that limits the amount of the loan or has mileage higher than your vehicle. Maybe that person had lower income and could not afford a higher loan.
It takes more effort to get approved if your loan consultant has to keep contacting you to gather data. Take responsibility for getting your loan approved. Payday loan are a popular option for short-term financial difficulties. Bills can get out of hand during unemployment or illness. A loan, when used responsibly, helps to bridge the gap between paychecks. It is important to find a reputable company and ask plenty of questions.
The time frame from request to delivery depends a lot on the dedication of the borrower.