Many of these companies claim that because they operate online, state law doesnt apply to them. As with the tribal lands issue, this question is still open to debate. In that regard, the law is ambiguous, said Barden of the Can i get a personal loan from my bank Lending Alliance. Most of the trade groups members dont loan in states that prohibit it, he said, but the Alliance doesnt take a position on whether or not the practice is illegal.
Though no federal law prohibits payday lending, some restrictions do exist. The Electronic Fund Transfer Act, for example, prohibits lenders from only allowing consumers to repay loans through recurring electronic payments -- something that payday lenders do regularly, consumer advocates say. Additionally, guidance issued by the Federal Deposit Insurance Corporation in 2005 says that payday loans should not be made to anyone who has already been in debt from a payday loan for three months or more of the previous year.
But the agencys guidelines don't have the effect of law and only apply to FDIC-supervised banks. As with any online transaction, consumers should do their homework to make sure the lender is reputable, Barden said, adding that a few idiot lenders are giving a bad name to the industry. For Taylor, the field service technician in Virginia who now owes about 20,000 to online payday lenders, there has been some relief.
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They put a 4 dollar interest rate everyday, truth be told. You would believe I am done paying back 2,500 loan. Wrong. My balance is 1,114. 42 imagine that. This same place sold a range rover lemon that broke down every month.
They were aware and still wants their payment. That rover was bought from them around 2007. It's still not running and just decoration in my friend's driveway and they still want their payments for their lemon.