Thursday, April 28, 2016

Online Payday Lender Benevolence

April 27, 2016
Online Payday Loans Have 'Hidden Costs,' Federal Report Says

If there's not enough money in the account to cover the payment, the bank can either make the payment and charge an overdraft fee, or deny payment and charge a nonsufficient funds (NSF) fee. If that happens, the payday lender may tack on a late fee, returned payment fee, or both.

But it doesn't stop there.
If the initial request for payment fails, most lenders will try to collect again. Each attempt can result in even more fees. The CFPB found that in one extreme case a lender made 11 payment requests in a single day.

They're doing God's work, one payment request at a time.

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