On line payday lending has end up being the crazy West of customer finance, replete with fraudulence, threats and unauthorized account withdrawals.

That’s the image painted by a study released on by the Pew Charitable Trusts thursday. The report employs current actions by federal regulators against fraudulent online loan providers.

Pay day loans are usually tiny, short-term, high-interest loans produced in advance of the paycheck. Typically, payday lenders operated away from storefronts, but increasingly, the loans are going towards the Web; about a 3rd of payday advances are actually originated on the web. Continuer la lecture de Consumers Warned About Pitfalls of Online Pay Day Loans →