Payday Loan Schemes

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Posted: Dec 7, 2010 7:46 PM by Michael Marsh
Updated: Dec 7, 2010 7:46 PM
Source: Associated Press

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Topics: payday loan, FBI, defrauded, threats

Some people with payday loans are being contacted by bogus FBI agents who browbeat them to pay to avoid legal consequences. The FBI says borrowers who get the calls should notify their bank, major credit bureaus or law enforcement agencies. The FBI says the callers managed to get accurate data about victims and use the information to repeatedly contact their homes and in some instances threatened people with arrest. Payday loan businesses engage in small, short-term lending to borrowers who use the money to cover expenses until the next paycheck when they pay the money back with interest.

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