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Pay day loans target customers without any credit or credit that is low. These high-interest loans vow quick money through to the next paycheck comes in, but frequently they create dangerous rounds of the latest loans to repay the old people, draining funds and pressing borrowers ever deeper into poverty.
In 2018, the Federal Trade Commission sued major payday lender AMG solutions for misleading lending that involved unlawful withdrawals and charged concealed fees. The $505 million in restitution AMG decided to may be the refund that is largest the FTC has administered to date, addressing a calculated 1.1 million borrowers.
Today, customers possess some defense against this kind of predatory lending through the Payday, car Title, and Certain High-Cost Installment Loans guideline through the customer Financial Protection Bureau. Read More