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 the web. We wondered what the results are once you submit an application for such financing, therefore I chose to learn.
For the duration of reporting an account early in the day this 12 months, We logged on to a site called eTaxLoan.com and completed a credit card applicatoin.
I inquired for $500 and, to be safe, We made a target, a true name(Mary) and a Social Security number. The website asked for lots more stuff that is sensitive a bank-account quantity and a routing number — and I also made that up, too.
Regardless of the made-up information, in under a full moment, i acquired a reaction.
"Congratulations. Tremont Lending was chosen as the loan provider and you also have already been pre-approved for a financial loan as much as $750."
If i desired to borrow $750 for per week, i might experienced to cover $225 in interest.