Payday Lenders

FTC Shuts Down “Payday Loan” Scam

September 22, 2014

The FTC has shutdown a Missouri-based scam operation, which claimed to be a payday lending business. The scam operated by depositing $200-300 into consumers’ bank accounts without their permission, then repeatedly withdrawing money from the same account as “finance charges”, using fake documents presented to consumers’ banks. The FTC press release is here and the court’s order shutting down the scam is here.
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