eyetwist

Operators Of Scammy Payday Lender Ordered To Pay $1.26 Billion

Four years after federal regulators sued the operators behind what might have been the scammiest payday loan Consumerist had ever seen, a federal judge has ordered Scott Tucker and his businesses to pay $1.26 billion to the Federal Trade Commission to resolve allegations of running online payday lending operations that exploited more than 5 million consumers.  [More]

This Is One Of The Scammiest Payday Loans We’ve Ever Seen

This Is One Of The Scammiest Payday Loans We’ve Ever Seen

Many payday loans have confusing terms and questionable fees that end up costing the borrower a lot more than they’d planned on when they took out the short-term loan. But it’s mind-boggling how one predatory lender managed to squeeze money from borrowers through an automatic opt-in renewal program that turns a $300 loan into $975 worth of payments in only a few months. [More]