One of the owners of a payday loan and debt collection operation has agreed to settle Federal Trade Commission charges for his role in a scheme that illegally tried to garnish borrowers’ wages and used other illegal debt-collection practices.
According to the FTC’s complaint, the defendants, doing business as Ecash and GeteCash, offered loans to be repaid from borrowers’ upcoming paychecks. Online loan applicants checked a box indicating their agreement with loan terms, including an inconspicuous “wage assignment” clause that said that their wages would be garnished to cover delinquent loan payments. Then, using the name LoanPointe, the defendants attempted to collect on the offered payday loans.
TGIF: Now I'm Glad Tinkerbell Wasn't in the iPad Box
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