FTC Action Gives Consumers $1.5 Million; Online Lenders Cheer

Did you hear that the FTC is mailing $1.5 million to 64,607 consumers who were scammed by a group of scammers claiming to be online payday lenders? These scammers illegally debited the bank accounts of consumers who had applied for loans from the bogus lenders – the FTC put an end to the fraudsters’ operations.

Reform Online Lending supports a legitimate online lending marketplace with online lenders who use best practices. These lenders and Reform Online Lending also believe consumers need stronger protection from those scam artists who claim to be legit.

The FTC action supports both goals of Reform Online Lending: Ridding the online lending industry of fraudulent actors and helping consumers by returning money the scam artists stole.

Reform Online Lending continues to offer $25,000 to employees with information about scams in the alternative financial services industry that can be successfully prosecuted. If you are an employee in the industry and believe fraud is being perpetrated against consumers, let Reform Online Lending know about it!