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CFPB: online pay day loans hit customers with concealed danger

CFPB: online pay day loans hit customers with concealed danger

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.