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Pay day loans target customers without any credit or low fico scores. These high-interest loans vow fast money through to the paycheck that is next in, but frequently they create dangerous rounds of the latest loans to repay the old people, draining funds and pushing borrowers ever deeper into poverty.
In 2018, the Federal Trade Commission sued major payday lender AMG solutions for misleading lending that involved unlawful withdrawals and charged concealed fees. The $505 million in restitution AMG decided to may be the refund that is largest the FTC has administered up to now, addressing an approximated 1.1 million borrowers. (Pokračování textu…)