Posts tagged: Payday loans
Here's a news item from the Associated Press: BOISE, Idaho (AP) — Idaho financial regulators are logging more complaints from consumers about the practices of payday lenders. The Idaho Department of Finance received 56 complaints about payday loans last year, up from 38 in 2011. The Idaho Statesman reports (http://bit.ly/13INm9e ) the agency also recently issued nine cease and desist orders against online payday lenders, with most targeting out-of-state websites. Payday loans are often considered a predatory form of lending because of their high fees and interest rates. Consumer Finance Bureau Chief Michael Larsen says most of the complaints from consumers are about illegally garnished wages or lenders pushing through unfinished loan applications. Lawmakers have tried but failed in recent years to impose limits on the industry. Idaho caps payday loan amounts at $1,000 but doesn't regulate interest rates.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — The state attorney general's office says Idaho residents are eligible for restitution from a Utah-based payday loan lender that was not licensed to practice in the state and attempted to garnish the wages of borrowers without a court order. Attorney General Lawrence says Flobridge Group, LLC has agreed to refund borrowers who sent the company payments after receiving collection notices, wage garnishment requests or court documents. The company agreed to the refunds as part of a settlement. Wasden says Idaho barred Flobridge Group from payday lending within its borders last year because the company wasn't licensed by the Department of Finance. Idaho claims an investigation found the lender hounded borrowers who missed payments with repeated calls, emails and texts to them and their employers while also threatening unauthorized legal action.