Search results
Results from the WOW.Com Content Network
The Internet Crime Complaint Center's latest scam alert includes a bogus advance-fee email purportedly sent by the director of the FBI as well as harassing payday loan calls from scammers claiming ...
Criticism of the company and their practices is commonly based on the fact that several of Moneytree's products fit the description of a "debt trap". A debt trap is a loan that is difficult or impossible to repay due to high interest payments; Moneytree charges 430% APR on payday loans in Nevada, [29] 460% in California, and 482% in Idaho. [30]
On July 1, 2010, a law exempting payday loan companies from the 36% cap expired. [32] State Attorney General Terry Goddard initiated Operation Sunset, which aggressively pursues lenders who violate the lending cap. The expiration of the law caused many payday loan companies to shut down their Arizona operations, notably Advance America. [33]
A consumer inquires about a payday loan or short-term credit online and is asked for a long list of personal information. The lender is a shell firm; the loan might never be made, but the victim's personal information is now in the hands of scammers who sell it to a fraudulent collection agency.
When you can’t repay a payday loan, several things are likely to happen as a result.
For example, the average personal loan rate, as of February 2023, comes out to 12.10 percent, while the average payday loan reaches three-digit interest rates. Plus, you’ll be hit with even more ...
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 ...
Consider the following tips to avoid potentially damaging scams. 1. Unrealistic guarantees for approval. One of the easiest ways to spot a loan scam is the promise of guaranteed approval.