Prohibited on the web loan providers plague cash advance industry

Payday lenders have been in existence for a long time, providing quick-but-pricey loans to borrowers that are distressed.

From hundreds of walk-in storefront offices, they loan away little amounts to be repaid through the borrower’s next paycheck.

Today, they’re getting elbowed aside by a growing cadre of online competitors who aren’t certified and who increasingly are accused of ripping off consumers. Final thirty days, the Ca Department of Business Oversight warned customers to watch out for rogue online loan providers — usually positioned overseas or that is overseas provide enticing come-ons from splashy internet sites, but whom may keep borrowers little recourse if one thing goes incorrect. Continue reading Prohibited on the web loan providers plague cash advance industry