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It is sage advice to report cards lost/stolen when trying to get out of the PDL trap. This prevents PDL companies from abusing the recurring authority method of payment to take multiple small payments from customers & emptying their bank accounts.
However this is a little warning to anyone who has defaulted on previous payday loan companies and then, for whatever reason, decides to take on further payday loan borrowing.
I have seen a couple of debtors over the last couple of months who applied to payday loan lenders only to have their applications rejected.
These PDL lenders were NOT brokers but direct lenders.
However, in the small print of the T&C's of their websites, they state that they can pass on loan applications to 'affiliates' (though they make no mention of whose these affiliates are). You can probably see whats coming........
The 'affiliates' were then PDL companies that the debtors had previously defaulted on, who then promptly emptied the debtors bank accounts with the bank card details given during the original application.
Now I know there are many arguments here (legal and moral) but once that money has been taken, even if there is a legal argument, then it will take many months to get it back.
So please be careful when applying for loans with these companies! Although they are in theory 'regulated' the conduct of many of them still leave a lot to be desired.
Best
SnV
However this is a little warning to anyone who has defaulted on previous payday loan companies and then, for whatever reason, decides to take on further payday loan borrowing.
I have seen a couple of debtors over the last couple of months who applied to payday loan lenders only to have their applications rejected.
These PDL lenders were NOT brokers but direct lenders.
However, in the small print of the T&C's of their websites, they state that they can pass on loan applications to 'affiliates' (though they make no mention of whose these affiliates are). You can probably see whats coming........
The 'affiliates' were then PDL companies that the debtors had previously defaulted on, who then promptly emptied the debtors bank accounts with the bank card details given during the original application.
Now I know there are many arguments here (legal and moral) but once that money has been taken, even if there is a legal argument, then it will take many months to get it back.
So please be careful when applying for loans with these companies! Although they are in theory 'regulated' the conduct of many of them still leave a lot to be desired.
Best
SnV