Payday loan providers made about $49 billion in high-interest loans year that is last. Significantly more than a third of these loans were made on line. We wondered what are the results whenever you make an application for such that loan, and so I chose to learn.
For the duration of reporting a tale previously this I logged on to a site called and filled out an application year.
We asked for $500 and, to be safe, We made an address, a true name(Mary) and a Social Security quantity. Your website asked for lots more stuff that is sensitive a banking account quantity and a routing number вЂ” and I also made that up, site too.
Regardless of the made-up information, within just minute, i acquired a reaction.
“Congratulations. Tremont Lending is chosen as the loan provider and you also have already been pre-approved for the loan as much as $750.”
I would have had to pay $225 in interest if I wanted to borrow $750 for a week. Your website said which was a percentage that is annual in excess of 1,300 per cent.
I didn’t agree to simply take the loan.
But within a few minutes, my phone rang (we had entered my genuine telephone number). It had been some guy from Tremont Lending, in Southern Dakota. I told him I happened to be a reporter, I figured that would be the end of it that I didn’t really want a loan, and. Continue reading “We Sent Applications For An On-line Pay Day Loan. This Is What Happened Next”