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Scott Tucker ran several payday loan service companies under several different names (including AMG Capital Management) over a fifteen-year period. The companies drew consumer complaints for charging excessively-high interest rates on the loans, with those using their services paying nearly triple what they had taken as a loan, charged through undisclosed fees.
In September 2018 the Federal Trade Commission began issuing almost 1.2 million checks totaling more than $505 million to victims of Tucker's payday lending scheme. The money comes from a $1.3 billion civil court judgment the FTC obtained against Tucker and his AMG Services Inc. [ 20 ] However, on petition to the United States Supreme Court in ...
Payday Lending Rule and Access to Small-Dollar Credit One of the CFPB's most controversial regulations is its 2017 payday lending rule. It targets payday loans, vehicle title loans, and similar ...
The Internet Crime Complaint Center's latest scam alert includes a bogus advance-fee email purportedly sent by the director of the FBI as well as harassing payday loan calls from scammers claiming ...
8 warning signs of a debt collector scam Receiving a call, email or letter from a company purporting to be a debt collector can spark alarm. Before disclosing any information, look for these eight ...
A consumer inquires about a payday loan or short-term credit online and is asked for a long list of personal information. The lender is a shell firm; the loan might never be made, but the victim's personal information is now in the hands of scammers who sell it to a fraudulent collection agency.
Homeowners across the U.S. are being targeted in a sophisticated scam in which callers pose as mortgage lenders to defraud people out of hundreds of thousands of dollars, the Federal ...
Research has shown that "fringe" financial institutions such as check cashing outlets (CCO's), payday lenders, and pawnbrokers have a disproportionate presence in low-income neighborhoods, especially when compared to the relative under-representation of mainstream financial institutions in the same localities.