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How to Screw Your Payday Loan Lender

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