Customers Warned of On Line Cash Advance The Internet Sites

Customers Warned of On Line Cash Advance The Internet Sites

Borrowers Typically Struck With 650 APRs that are percent

This article, keep in mind that the Consumer Federation of America (CFA) has long advised consumers to exercise extreme caution when using internet payday loan web sites, where loans due by the next payday, can cost up to $30 per $100 borrowed and borrowers typically face annual interest rates (APRs) of 650% as you look at the automated ads that surround.

Based on a CFA study of just one hundred online pay day loan sites, tiny loans involving electronic use of consumers’ checking records pose high dangers to consumers whom borrow cash by transmitting individual economic information through the internet. Continue reading “Customers Warned of On Line Cash Advance The Internet Sites”