Prohibited on line loan providers plague cash advance industry
Payday lenders have been in existence for decades, providing quick-but-pricey loans to borrowers that are distressed.
From hundreds of walk-in storefront offices, they loan away little amounts to be repaid through the borrower’s next paycheck.
Today, they’re getting elbowed aside by a growing cadre of online competitors who aren’t certified and whom increasingly are accused of ripping off consumers. Final thirty days, the California Department of Business Oversight warned customers to avoid rogue online loan providers — usually positioned overseas or that is overseas offer enticing come-ons from splashy sites, but who may keep borrowers small recourse if one thing goes incorrect.Read More
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