The FTC alleges the company also deceived borrowers who were late on payments by falsely threatening to sue them or even to have them arrested. And the lawsuit alleges that borrowers were required to sign over electronic access to their checking accounts, which under federal law cannot be a condition of a loan. This provision allows defendants to prey on vulnerable consumers by making automatic withdrawals from their bank accounts, the lawsuit alleges. The loans are often made through a separate lead generator called MoneyMutual.
com, which uses former talk-show host Montel Williams to promote its loans, sources told The Center for Public Integrity. Neither MoneyMutual. com nor Williams were named in the lawsuit. The loans are made under several brand names, including OneClickCash, UnitedCashLoans, USFastCash, Ameriloan and 500FastCash. This is not the first case the FTC has brought against tribal payday lenders.
The consumer-protection agency has also filed lawsuits against Payday Financial LLC of South Dakota for trying to garnish wages of its borrowers and threatening to sue them in the Cheyenne River Sioux a dollar cash advance irondale al court.
Every lender in our network is required to adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors.
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies - Experian, Equifax and Transunion. This negative record can be reflected on your credit history indefinitely until the loan is repaid in a dollar cash advance irondale al. After the lenders receive payment in full, they can report it to the credit reporting agencies.
We remind that late payment or non-payment of your loan can have negative impact on your credit history. Some of the lenders in our network may automatically renew your short term loan if it becomes past due.
This term is clearly identified in your loan agreement. You should check your loan agreement for your lender's policy on automatic loan renewal prior to e-signing it. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up.
Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
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