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FTC Halts Deceptive Payday Lender That Took Millions From Consumers’ Accounts Without Authorization

FTC Halts Deceptive Payday Lender That Took Millions From Consumers’ Accounts Without Authorization

Defendants received duplicated charges that are interest-only making customers to pay for a lot more than guaranteed

The Federal Trade Commission has charged a payday financing enterprise with deceptively overcharging customers huge amount of money and withdrawing money over over repeatedly from consumers’ bank reports without their authorization. A court that is federal entered a short-term restraining purchase halting the procedure and freezing the defendants’ assets, during the FTC’s demand.

In line with the FTC, the 11 defendants, through internet sites and telemarketing, and running underneath the names Harvest Moon Financial, Gentle Breeze on the web, and Green Stream Lending, utilized misleading marketing strategies to persuade people who their loans could be paid back in a hard and fast range re payments. The FTC alleges, consumers found that long after the promised number of payments had been made, the defendants had applied their funds to finance charges only and were continuing to make regular finance-charge only withdrawals from their checking accounts in fact, in many instances. Continue Reading