The Federal Trade Commission (FTC) accused online payday lenders SFS and Red Cedar Services of asking consumers to pay inflated fees. The lenders settled the FTCs charges regarding illegal fees. They agreed to pay $2.2 million each and jointly waived $68 million in fees that had not been collected. So far the FTC has recovered […]

Finally! The Federal Trade Commission (FTC) and other Federal, State and Local authorities have pooled their resources in a move to stop unscrupulous and illegal debt collection! The FTC published in its webpage (http://www.consumer.ftc.gov/blog/ftc-abusive-debt-collectors-youre-outta-business) a sample letter issued by a rogue collection agency to pressure people, during these times of recession and economic difficulties, into […]

By the passing day, increasing number of reports regarding loan scams have been received by the Washington State Department of Financial Institutions (DFI). These scams are being conducted by certain people who are claiming to be representatives of firms such as Cash Advance America, Advance America Payday Loans, and Advance America. How does it work? […]

Payday loans are short term loans that are unsecured and are also referred to as payday advances or small dollar loans. Payday loan services first emerged in the United States in early 1990s and since then started on a growth climb due to a number of reasons. The financial service changes occurring in the marketplace […]