Knowing who you can trust with your financial information is critical to living a prosperous life.
At the request of the Federal Trade Commission, a U.S. district court has halted a Tampa, Florida-based operation that promised to help consumers get payday loans. Instead of loans, the defendants used consumers’ personal financial information to debit their bank accounts in increments of $30 without their authorization, the FTC alleged.
Claiming to be affiliated with a network of 120 potential payday lenders, the defendants misrepresented that 80 percent of applicants got loans in as soon as one hour, according to the FTC. The court order freezes the defendants’ assets to preserve the possibility of providing redress to consumers.
My best advice? Never EVER get a payday loan. Start or increase your cash cushion (emergency) account and repay each “loan” to yourself with interest.
But, if you’ve ever been in a jam and used a payday lender, we’d love to hear how that worked out for you – how much did it end up costing (compared to the loan amount)?
Live Long and Prosper,
Leah the Money Diva