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Operating under names including Ameriloan, Cash Advance, One Click Cash, United Cash Loans, and 500 FastCash, Tucker's organization employed approximately 600 people and made loans with terms that included renewals and fees, as well as interest rates as high as 700% per year. The majority of these loans were issued to low-income individuals. [17]
The two firms gave MyPillow the $1.6 million loan under a merchant cash advance. A merchant cash advance is a specific type of convoluted financial agreement that lets the issuer bypass laws that ...
(Reuters) -The U.S. Federal Trade Commission sued financial technology company Dave Inc in Los Angeles on Tuesday, accusing it of luring users to its personal finance app by advertising cash ...
An advance-fee scam is a form of fraud and is a common confidence trick. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
This is an accepted version of this page This is the latest accepted revision, reviewed on 27 December 2024. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
Payday lender Advance America agreed to a proposed settlement that will pay $18.75 million to more than 140,000 North Carolina consumers charged triple-digit interest rates and unlawful fees, the ...
The scam then becomes an advance-fee fraud or a check fraud. A wide variety of reasons can be offered for the trickster's lack of cash, but rather than just borrow the money from the victim (advance fee fraud), the con-artist normally declares that they have checks which the victim can cash on their behalf and remit the money via a non ...
Wells Fargo, JP Morgan Chase and Bank of America are being sued by the embattled Consumer Financial Protection Bureau over alleged unchecked fraud on the Zelle payment app — setting up a legal ...