BBB: Beware of online payday lenders

03/24/2010 | MSNBC

BBB has issued a consumer alert about the disreputable online payday lenders that prey on struggling people who need immediate cash. Sites such as Ameriloan.com and 500FastCash.com charge exorbitant interest rates and other fees that balloon to thousands of dollars, according to complaints received by BBB. "Complainants say all of their subsequent payments went to cover recurring finance charges and not toward the principal," said BBB's Alison Southwick.

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