Payday loan providers made about $49 billion in high-interest loans year that is last. A lot more than a 3rd of these loans were made on line. We wondered what goes on once you submit an application for such that loan, and so I made a decision to learn.
For the duration of reporting an account early in the day this I logged on to a site called eTaxLoan and filled out an application year.
I inquired for $500 and, become safe, I comprised an address, a name (Mary) and a Social Security number. The website asked to get more sensitive and painful stuff — a banking account quantity and a routing number — and I made that up, too.
Regardless of the made-up information, in under moment, i acquired an answer.
“Congratulations. Tremont Lending happens to be chosen as the loan provider and you also have now been pre-approved for the loan as much as $750.”
I would have had to pay $225 in interest if I wanted to borrow $750 for a week.