A federal judge decided in favor of the FTC in its case against a payday loan online lender that debited consumers’ bank accounts. The FTC will seek a court order requiring the defendants to return more than $9.5 million to consumers.
The FTC charged Direct Benefits Group LLC, Voice Net Global LLC, Solid Core Solutions Inc., WKMS Inc., Kyle Wood, and Mark Berry with illegally debiting consumers’ bank accounts and failing to disclose that the defendants would use borrower bank account information to charge them for enrollment in bogus programs Continue reading Bogus Payday Loan Refunds
How to get out of your payday loan.
The Department of Justice (DOJ) attacked lending practices by the online payday lenders for the following:
- Loan contracts included single-payment disclosures under the Truth in Lending Act (TILA) even though they allegedly “hid in small print and in confusing language” steps required to pay off the loans. The legality of this practice under TILA is the subject of ongoing litigation in a lawsuit brought by the FTC.
- Some loan agreements required consumers to authorize recurring ACH payments, an alleged violation of the Electronic Funds Transfer Act (EFTA). While the CFPB is aware that many lenders require ACH payments Continue reading How to Screw Your Payday Loan Lender
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