Some consumers end up paying more in fees than the amount of money initially borrowed.
Some financial scams never seem to die, no matter how many warnings government agencies issue to consumers. One example is payday loan collection schemes in which fraudsters call people who don’t actually owe such debts and demand immediate payment. The latest reminder to watch out for this scam comes from the Internet Crime Complaint Center,
Payday lenders are in the spotlight — and not in a good way. The Consumer Financial Protection Bureau, or CFPB, now up and running with its new director, recently convened its first-ever field hearing to collect intel on the industry. Held in Birmingham, Ala., the hearing coincided with the publication of a new CFPB field
The Center for Responsible Lending has issued a scathing report charging that checking account advance loans offered by some U.S. banks are in no respect different from payday loans offered at nonbank storefronts. Here’s a summary from the July 21 report, “Big Bank Payday Loans”: While payday loans have typically been offered by non-bank payday