Loan documents clearly state an APR of 120% based on the fee schedule. Yet according to a new lawsuit seeking class action status, claims of actual fees of up to and over 1000% APR are alleged. Fifth Third Bancorp has faced multiple lawsuits over fees for its Early Access deposit-advance loans. Continue reading
Consumer Protection
Payday loan collector Goldman Schwartz shut down for widespread debtor abuse
Goldman Schwartz, although not the law firm they claimed, threatened to take children into custody and charged bogus attorneys fees. Debtors were lied to and intimidated into making payments on payday loans or face imprisonment or other extreme illegal actions. Continue reading
Are Mail In Cash For Gold Services Worthwhile?
A quick Google search of “cash for gold online” brings up around 97,000,000 hits in .34 seconds. You will see Cash4Gold.com, Expressgoldcash.com, Empiregoldbuyers.com, goldkit.com and many others all claiming that they can give you a good amount of cash for your unwanted gold – and in many cases within days of you sending in your gold. This post aims to examine not only how this process works but also the pro’s and con’s of these companies and whether there are any other options for getting good money for old jewelry you have laying around. Continue reading
Wonga seeks to offer 4214% APR Paylater loans to US customers
Online customers who lack credit cards may have an even worse option for making payment. Instead of taking out a 491% APR payday loan, customers may soon choose to complete their purchase using Wonga’s Paylater loan service at a 4,214% APR. To compare, most credit card interest rates average less than 18% APR. Continue reading
Wells Fargo “direct deposit advance service” is nothing but 270% APR payday loan in disquise
Traditional payday lenders charge an average of 391% APR. By those standards, the “direct deposit advance service” from Wells Fargo appears to be a bargain at just 270% APR. But then again, that is still about 70 points higher than a typical loan shark would charge. Continue reading
Legal Helpers Debt Resolution sued by Oregon Attorney General for elder financial abuse
The firm has previously faced legal troubles from Illinois, only to pay $2.1 million to settle allegations of several violations of state consumer protection laws. Now Oregon wants Legal Helpers to pay up and get out, citing numerous instances of violating the Unlawful Trade Practices Act. Continue reading
South Carolina allows hackers access to your bank account
In one of the most embarrassing blunders made by state officials, South Carolina has failed to protect the private information of its tax filiers. Social security numbers and bank account numbers are now in the hands of hackers. Continue reading
Western Sky problem solver loan will make you beg for mercy
Government protection is often too little and too late. Victims of predatory lenders like Western Sky and its affiliates can only regret their decisions to take out loans with ridiculous and usurious terms. The “Problem Solver Loan” is no different. Continue reading
November is high time for income tax lenders
Families who fail to save money for the holidays risk falling deeper into debt trying to manage holiday spending. Income tax loans are one of the worst ways to raise quick cash for the holidays, yet thousands flock to providers that promise quick cash at horrendous terms. Continue reading
Tribal payday lenders owned by Martin Webb violated WV usury laws
West Virginia debtors have scored a victory against the Western Sky Financial tribal lenders. Attorney General Darrell McGraw entered into an agreement with Martin Webb and his company, Lakota Cash. Continue reading
powered by PFN Design Studios