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Bar chart in Amex mailing exaggerates annual rate of return for advertised savings account.
Recent settlement shines light on the sometimes unscrupulous practices of payday lenders.
Predatory payday lenders can prove to be a nightmare for consumers who need a quick influx of cash to pay a bill on time or otherwise make ends meet.
Last week, we got an idea of how nightmarish it can get with two online payday lenders, AMG Services and MNE Services, agreeing to pay $21 million to settle FTC charges that they misrepresented how much loans would cost consumers. The settlement is an eye-opener for anyone who uses an online payday lender to help keep themselves financially afloat.
Here are a few key takeaways:
As part of the settlement, AMG Services and MNE Services will waive $285 million in assessed customer charges that were not yet collected.
For financial alternatives to payday loans, click here. And for more of our coverage on payday loans, here.
Bar chart in Amex mailing exaggerates annual rate of return for advertised savings account.
In case you missed it, watch the webinar with FTC Commissioner Rohit Chopra.
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