CFPB: online pay day loans hit customers with concealed danger

CFPB: online pay day loans hit customers with concealed danger

Customers whom seek out online loan providers for pay day loans face concealed dangers of high priced banking charges and account closures, based on a federal analysis released Wednesday.

50 % of the borrowers whom got the loans that are high-interest later were struck with on average $185 in bank penalties for overdraft and non-sufficient funds costs as soon as the loan providers presented more than one payment needs, the buyer Financial Protection Bureau analysis discovered.