The one thing no one seems to be mentioning is this. Every now and then all of us need some extra money to pay for car repairs, school supplies or any number of unforeseen expenses. Since the Internet is world wide it makes a perfect place to find new people to exploit and steal from. It can be costly, and may not guarantee that the bank automatically will pay the overdraft. 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. You are NOT asking them to do you a favor.
So why are there so many Payday Loan scams on the Internet?
That online payday loan might be a window to a scam. A federal court has granted the FTC an order for contempt in the matter of Suntasia Marketing, Inc., a company previously involved in a telemarketing scheme that bilked consumers out . The Internet Crime Complaint Center has received many complaints from victims of payday loan telephone collection scams. Callers claim the victim is delinquent in a payday loan and must repay the loan to avoid legal consequences. Learning to avoid payday loan scams. Internet PayDay loan scams are a very serious problem. The amount of scam artists selling cash advance loans on the Internet is increasing daily. As you may already know premiumwebtheme.tk is dedicated to brining awareness to these Internet scams.
Federal Trade Commission
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. The lenders claimed that the repayment amount would be the amount borrowed plus a one-time finance fee, and that this amount would be withdrawn on a particular date. Instead, the lenders made multiple withdrawals from the borrowers' bank accounts and assessed a new finance fee each time.
The result of this scheme? The borrowers paid much more than the stated cost of their loans. In addition to allegedly misrepresenting the terms of the loan, the lenders doubled as unscrupulous debt collectors who falsely threatened to sue the borrowers or have them arrested.
Be careful about giving out your information. Whether or not your visit to an online payday loan site results in a loan, simply entering information on the site may come back to haunt you. Selling personal and financial information is big business. Even if you never hit "Submit" to complete the transaction, your information can be captured through keystroke logging — a program used to see and store everything you enter on application.
Unlike a direct lender which lends you the money, a loan aggregator is a middleman — a company that collects your personal and financial information on a loan application and shops it around to lenders who may offer you a loan.
Loan aggregators, also called lead generators, can — and do — sell the information included on loan applications, and potential borrowers may not even know it. The application may ask for your name, address, phone number, date of birth, Social Security number, bank or credit card account number, annual income, and more.
Payday loans can be expensive; other credit offers may come with lower rates and costs. It's important to shop and compare available offers before you decide to take out an online payday loan. When you are comparing credit offers, use the Internet or other sources to learn about the reputation of credit providers.
Federal Trade Commission Consumer Information consumer. Share this page Facebook Twitter Linked-In. Loan Aggregators Unlike a direct lender which lends you the money, a loan aggregator is a middleman — a company that collects your personal and financial information on a loan application and shops it around to lenders who may offer you a loan.
Shop for the credit offer with the lowest cost. Try to find out the annual percentage rate APR and the finance charge including loan fees and interest, among other credit costs of different options before you select a credit offer.
You are looking for the lowest APR. If you are shopping online and can't find the APR and the finance charge, visit lenders in person. Consider a small loan from a credit union. As usual, we have done extensive research on virtually every payday loan company we could find on the Internet.
I'm exposing the truth behind the fast cash loan, and providing you with a short review of the most honest companies out there.
There are numerous payday loan companies looking to rip off hard working people just like you and me, and without the right information you could easily find yourself trapped in an endless cycle of payments. Every now and then all of us need some extra money to pay for car repairs, school supplies or any number of unforeseen expenses.
It happens to everyone. I hope to provide you with the knowledge and expertise to spot the scammers and find the PayDay loan company that suits your needs, not theirs. The internet is an attractive venue for scam artists to search for honest people looking for cash loans. The most appealing is the fact that you never see them.
Doing business on the Internet is very attractive to scam artists because it is very easy for them to hide their true identity.
Companies using the Internet can create virtually any image they want you to see. Just because a company has a nice looking web site doesn't mean they are an honest group of people. Web sites can be set up in a matter of hours, and can be taken down in just a few minutes.
The Internet makes it simple to close up shop and disappear almost instantly. It is also very cheap, for a just a few dollars almost anyone can get an internet web site hosting account and email service.
The Internet also provides a great pool of new people to rip off. Scam artists know that in order for them to keep making money they have to keep finding new victims. Since the Internet is world wide it makes a perfect place to find new people to exploit and steal from. Many honest, hard working people looking for payday loans are unaware of scams and the unethical tactics they use to "capture new customers.
Phishing sites are designed to collect personal information on you such as your name, social security number, phone number, and bank account numbers, etc.. This information is then used to get credit cards, drain your bank accounts, or worse your information is sold. Sometimes your identity is sold to the highest bidder, who uses it to defraud the government, avoid taxes, or even sold to illegal immigrants so they can gain employment. I did find several sites that were not designed to collect information, however they were still usually rip offs, with very short payment terms, and high interest rates.
They were more than happy to loan you money, however 9 out of 10 times the loan time was very short, which means you constantly had to request extensions which of course comes with a fee. Now I don't know about you, but that sounds like highway robbery to me. Even worse these companies had extremely high late fees, in some cases if you were just 1 day late you could expect to pay a few hundred dollars in fees.
Over the last 6 months I have signed up for payday loans from over 70 different companies on the Internet. I contacted their customer service departments, and took advantage of every service they offered.
I also did extensive research into the back grounds each of them. While some of these companies provided an excellent service, the large majority were complete and total frauds. After completing my exhaustive research I did manage to find a handful good companies that are honest and up front about how they loan money. All of my recommended lenders don't require you to fax any information into them, and I had the cash direct deposited in my bank account within 1 business day.
Each of them had a large, helpful, and courteous staff who answered my questions. Most important of all they had a toll free number I could call at any time. I was shocked at what I found while investigating the multitude of web sites out there, but I expect more and more of these scam artists in the future. As always I will keep you updated on my findings. Regards, Frank Matthews Scammer-Alert.
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