Payday Loan Advance America to Be Sold to International Micro-Lender
Just in case you’ve been off-the-grid today, you better take a look: Advance America is for sale to Ricardo Salinas and Grupo Elektra at a 30% premium. Reminds me of the movie, “The Good the Bad and the Ugly.” It’s like Eli Wallach saying to the CFPB, “Badges, we don’t need no stinking badges.” Jer@TrihouseConsulting.com
Payday Loan Scammers Give Us Another Bad Rap
According to the FTC’s complaint, Michael Bruce Moneymaker, Daniel De La Cruz, and their companies obtained consumers’ personal information from websites that claimed to match consumers with payday lenders, and then enrolled consumers, without their knowledge, in one or more of several worthless “continuity” programs. These programs included an up-front cost of up to $49.99 each, plus additional weekly or monthly recurring fees of up to $19.98. Continuity programs charge recurring fees until a consumer takes affirmative action to cancel.
Payday Loan Violations and Compliance
Now payday loan compliance and enforcement might not appear to be a particularly exciting subject for you, but for those of us who have been greeted at the door to our business in the early AM by a state regulator, it can be the beginning of a NIGHTMARE! And don’t you Internet guys think you’re immune from this because you’re not.
