Consumer Information. Share This Page. Related Items. 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. 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.
Finally, some lenders require a social security number. What is a payday loan. A payday loan is one that is typically repaid with the borrower's next paycheck. These types of loans are also known as cash advances, and they aren't given out by banks, but instead by loan stores. These loans are among the most expensive types of debt, and they come with interest rates that are much steeper than those offered with typical bank loans.
Once you've been approved, cash is usually deposited into your account within 24 hours. Were Committed To Service, Speed Security. Connect with a Helpful Lender.
It is 36 greater than the overall U. average. On 5191980a category F3 ( max. wind speeds 158-206 mph) tornado 4. 7 miles away from the Bay St. Louis city center injured 8 people and caused between 5,000,000 and 50,000,000 in damages.
We'll put cash in your pocket today with a quick, easy and secure payday loan. Allied Loan Services. Another form of a payday loan, a cash advance can help get you through to your next paycheck when unexpected expenses arise. Step into one of our convenient store locations to apply, and avoid things like late fees, overdraft charges, and reconnectreactivation fees. How It Works. Send your information.
Get a quick response. Receive your funds If your loan is approved, you will be asked to authorize the documents online and funds could be deposited in your bank account as soon as the next business day.