The Federal Trade Commission (FTC) and a U.S. District Court have brought down various payday loans lenders for illegal activities. On complaints of various customers, BBB of Southern Nevada, BBB of E. Missouri and BBB of S. Illinois assisted the FTC (Federal Trade Commission) with this investigation by providing information on over 1,700 complaints on seven different companies.
FTC is in the hunt of bringing down all the illegal and fraudulent payday loans online. These lenders used to sell the user personal information like bank details and other personal contact information which is against the policies and regulations of government. Customer need to be very cautious in dealing with any such payday loans.
Money may be needed by one on various unavoidable circumstances like ill-health, accident, burglary, stock market crisis etc. These are few situations where cash advance loans is needed for the short period of time on urgent basis for which consumer go to payday loans. Many lenders provide false information and not dictate the correct terms to the customer and try to cheat the customer. This has much been in practice for which FTC has to intervene.
Any payday loans online has to strongly comply with the government rules and regulations. If one has any complain against any such lenders, one can report about the scam on the website of http://bbb.org/scam-topper. In the due interest of the customer, it is advisable that customers understand all the rules and policies before taking any loan or entering into any transactions.
“We at PaydaysOnline.com always follow the rules and regulations and hence are still in business without any trouble. We always suggest you to choose an authentic and legal lender only and our services are totally legal.”
Author Bio:
Arnold Taylor has written this article in which he has mentioned about the actions taken on Fake or Bogus Payday Loans Lenders and their activities by Federal Trade Commision (FTC). Keep visiting for more new up to date infomation about payday loans industry.
Pingback: What is loan refinancing | Payday Loans Online