The lenders allegedly lied about how much their loans would cost, required borrowers to allow the lenders to take money from their bank accounts automatically, and threatened to sue the borrowers or have them arrested for non-payment.
Here's how the scam allegedly played out: The online payday lenders required borrowers to provide bank account information so they could deposit the borrowed funds electronically and withdraw cash advance bay city michigan repayment amount from the account later. The lenders claimed that the repayment amount would be the amount borrowed plus a one-time finance fee, and that this amount would be withdrawn on a particular date.
Instead, the lenders made multiple withdrawals from the borrowers' bank accounts and assessed a new finance fee each time. The result of this scheme. The borrowers paid much more than the stated cost of their loans.
In a typical example, a person borrowed 300 with a stated one-time finance fee of cash advance bay city michigan. The borrower expected that the loan would be repaid in a single withdrawal of 390. But the lender began a series of automatic withdrawals, assessing a 90 finance charge each time.
By the last withdrawal, the borrower would have paid 975 instead of 390 to repay the loan.
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