"Mass market fraudsters" Referring to online payday lenders repeatedly as mass market fraudsters, Bresnick said the working group is focused on banks and payment processors that make it possible for online lenders to operate in states where their loans would be illegal. Bresnick lumped in online "deceptive payday american cash loan near me with more clear cut fraudulent industried like fake health care discount cards and phony government grants.
Payday lenders offer short-term loans of a few hundred dollars, american cash loan near me to poor, cash-strapped customers. Until about five years ago, they operated mainly out of storefronts that offered a range of money services to people who cant or wont use traditional banks. Consumer advocates have long called for stricter limits on the industry, which ensnares many borrowers in a cycle of borrowing anew to repay a previous loan and which can charge interest rates that exceed 1,000 percent.
A number of states, including New York, have tried to eliminate the practice by capping interest rates. Yet the industry has proven resilient.
Storefront lenders exploit loopholes by tweaking the terms of their loans, reclassifying themselves as other types of companies and lobbying aggressively for friendly legislation, according to a report this week by ProPublica.
An Observer investigation has found at least 1,700 instances in which payday loan companies in Texas have filed criminal complaints against customers in San Antonio, Houston and Amarillo. In at least a few cases, people have ended up in jail because they owed money to a payday loan company.
Even when customers avoided jail, the Observer has found, payday loan companies have used Texas courts and prosecutors as de facto collection agencies. This is despite state laws that forbid payday loan companies from even threatening to pursue criminal charges against their customers, except in unusual circumstances. The law specifically prohibits theft charges when a post-dated check is involved.
(Most payday loans require borrowers american cash loan near me provide a post-dated check or debit authorization to get the money.
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