Phony payday loans online can grab your money

Phony payday loans online can grab your money

Girl with economic issues (Photo: Getty Images/iStockphoto)

Speak about a tricky, cash-grab deal to empty a huge selection of bucks from the bank records of struggling customers.

Simply tune in to exactly how this 1 goes: a customer goes online to check in to a loan that is payday. Or maybe even got such that loan on line in the past.

The lending company purchases that customer’s private information through some other information broker — after which quickly deposits $200 or $300 in to the customer’s banking account without having the customer really authorizing that loan, in accordance with federal regulators.

It isn’t something special. It is a gotcha. (more…)

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