Be Alert about Payday Loan
Have you ever been tempted to get a Payday Loan, Jo Ann Deal of the Better Business Bureau has a warning for you that you may want to look into?
Did you know the Federal Trade Commission announced that Red Cedar Services Inc. and SFS Inc. will pay $2.2 million each and will waive or wipe out $68 million in inflated fees charged to consumers nationwide? This may be something you want to take advantage of now before they appeal anything. Get Help HERE
This Payday Loan case is a historical one.
This case is combined with earlier settlements, the FTC has recovered about $25.5 million this far and the total estimated debt to be waived is $353 million making this case the largest FTC recovery in a payday loan lending case.
Massive amounts of consumer complaints led to the discovery that, a contract being used stated that a $300 loan would cost $390 to repay when actually $975 was charged.
The issue is the Payday loan operators failed to accurately disclose the annual percentage rate (APR) and other terms which is a violation of the TILA laws as known as Truth In Lending Act.
Simply put, the payday loan companies made it a precondition to getting the loan to preauthorize debits from consumer accounts.
This is a violation of the Electronic Funds Transfer Act (EFTA).
Warn everyone you know how easy it is to get duped on payday loans.
For more information and help specific to the Northeast Louisiana area, visit: www.nationalpaydayloanrelief.com