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Without a doubt about Fake loan companies a ‘major issue,’ regulator says

It is bad sufficient being hounded by debt collectors for financial obligation that is yours. Imagine getting phone calls from fake loan companies in Asia whom threaten to possess you arrested for maybe perhaps maybe maybe perhaps not repaying payday advances that you do not owe.

That is what the Federal Trade Commission claims has happened to lots and lots of US customers ??” including Marylanders. The FTC claims it is wanting to power down one such procedure that has gathered significantly more than $5 million from customers into the previous couple of years. Nevertheless the agency warns there are certainly others operating comparable phony collection schemes.

“It really is an issue,” Steven Baker, the FTC’s Midwest director, announced week that is last.

Customers have actually lodged significantly more than 4,000 complaints about fraudulent loan companies using the FTC in past times couple of years. More…