by Patrick Lunsford, CollectionIndustry.com


There are monsters lurking in the tubes of the Internet; dangerous and greedy monsters, apparently.


Although Florida passed legislation in 2001 limiting the dollar amount and number of loans payday lenders could make to individual consumers – $500 maximum per loan with only one loan outstanding at a time – consumers are skirting the law by using payday lenders on the Internet.


Florida requires that payday lenders check a state-run database to verify that a consumer does not already have a payday loan outstanding. But payday loans obtained through the Internet and other non-reporting avenues don’t show up on the database, writes the Bradenton Herald in a Sunday article.


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