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FTC Charges Payday Lending Scheme with Piling Inflated Fees on Borrowers and Making threats that are unlawful gathering

FTC Charges Payday Lending Scheme with Piling Inflated Fees on Borrowers and Making threats that are unlawful gathering

Defendants Charged Many Customers More than 3 X the Amount Borrowed

WASHINGTON , April 2, 2012 /PRNewswire-USNewswire/ — The Federal Trade Commission has had action against a payday financing procedure that allegedly piled on undisclosed and inflated costs, and gathered on loans illegally by threatening borrowers with arrest and legal actions. The FTC has expected a federal court to stop the presumably unlawful company strategies even though the agency pursues its instance resistant to the defendants.

This operation has claimed in state legal proceedings that it is affiliated with Native American tribes, and therefore immune from legal action like other payday lenders in recent years.

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