Attorney General Spitzer today sued A delaware-based bank and two out-of-state monetary organizations for running a „payday“ loan scam that saddles middle to low income New Yorkers with huge financial obligation. New York City Councilman Leroy Comrie, NEDAP Executive Director Sarah Ludwig, and a coalition of consumer businesses joined up with Spitzer in warning customers against these loans that are high-interest violate consumer security guidelines.
“ This contemporary loan sharking scheme exploits vulnerable customers with provides of quick money, whenever the truth is, the excessive, unlawful interest rates trap individuals in a period of long-lasting financial obligation,“ Spitzer stated. „We’re going to do something to coach consumers and steer clear of them from being further victimized.“