Customers whom move to online loan providers for pay day loans face hidden dangers of high priced banking costs and account closures, based on a federal analysis released Wednesday.
1 / 2 of the borrowers whom got the loans that are high-interest later had been struck with on average $185 in bank penalties for overdraft and non-sufficient funds charges once the loan providers presented a number of payment demands, the customer Financial Protection Bureau analysis discovered.
1 / 3 of this borrowers whom racked up a bank penalty fundamentally encountered account that is involuntary, the report additionally discovered.