Payday Loan Scam Victims Compensated
02 September 2011
The US Federal Trade Commission (FTC) has announced that it is returning approximately US$1.9 million to more than 110,000 consumers who were tricked by an online payday loan application into signing up for an unrelated debit card. The FTC found that payday loan marketers Swish Marketing Inc. worked with debit card marketers VirtualWorks to design a deceptive online payday loan application form with a hidden charge of up to $54.95 for a debit card with no included value.
FTC’s media release (31 August 2011)