November 9, 2020No Comments

A summary of FCA Cash Advance Regulations Today

A summary of FCA Cash Advance Regulations Today

The Financial Conduct Authority (FCA) could be the human body faced with managing the loan that is payday in the united kingdom. The FCA started managing payday advances among other types of high-cost credit that is short-term first April 2014. Initially, the regulator centered on tackling bad conduct present on the market.

The FCA began by launching brand new guidelines on affordability, rollovers, marketing along with the utilization of recurring re payments (constant payment authorities). The regulator then took a role that is supervisory on pay day loan loan providers breaching the latest regulations/requirements. Great britain parliament provided the FCA the work to cap costs of short-term loans/credit items like pay day loans to guard borrowers from unjust financing methods in 2013 december. Read more

October 16, 2020No Comments

FTC Action contributes to $4.8 Million Judgment Against Deceptive Marketer; Company Tricked Payday Loan Applicants into Buying Prepa

FTC Action contributes to $4.8 Million Judgment Against Deceptive Marketer; Company Tricked Payday Loan Applicants into Buying Prepa

A federal court has ordered Swish Marketing, Inc. to pay more than $4.8 million for tricking hundreds of thousands of payday loan applicants into paying for an unrelated debit card at the request of the Federal Trade Commission. The FTC is closely monitoring lending that is payday other monetary solutions to safeguard economically troubled customers.

In accordance with the FTC’s grievance, Swish Marketing, Matthew Patterson, Mark Benning, and Jason Strober operated sites marketing short-term, or “payday,” loan matching services that purportedly matched loan applicants with lenders. Read more