Payday loan providers made about $49 billion in high-interest loans year that is last. Significantly more than a 3rd of the loans were made on line. We wondered what the results are once you apply for such that loan, therefore I chose to discover.
For the duration of reporting an account early in the day this 12 months, We logged on to a niche site called eTaxLoan.com and done a credit card applicatoin.
We asked for $500 and, become safe, We made an address, a name (Mary) and a Social Security number. The website asked for lots more stuff that is sensitive a banking useful source account number and a routing number вЂ” and I also made that up, too.
Regardless of the made-up information, in under a full moment, i obtained a reaction.
"Congratulations. Tremont Lending happens to be chosen as your loan provider and also you have already 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. Your website said which was a percentage that is annual in excess of 1,300 %.