Can you loan money from a bank

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Can you loan money from a bank

My husband is a good man. she wrote to the credit commissioner. He has never done anything wrong, he fought for this country for 23 years … and now the Potty [sic] County Attorney wants to prosecute him for a payday loan.

In an emailed response to questions from the ObserverAssistant Potter County Attorney T. Eric Dobbs wrote that his office doesnt receive many cases from payday lenders, but the ones they do get typically involve a borrower who has closed their bank account after taking out a loan, or someone who could not keep up with the recurring fees so they stopped paying in hopes that a case will be presented to our office.

Dobbs didnt respond to follow-up questions, including why a borrower would hope to face criminal prosecution.

Can you loan money from a bank

The Electronic Fund Transfer Act, for example, can you loan money from a bank lenders from only allowing consumers to repay loans through recurring electronic payments -- something that payday lenders do regularly, consumer advocates say.

Additionally, guidance issued by the Federal Deposit Insurance Corporation in 2005 says that payday loans should not be made to anyone who has already been in debt from a payday loan for three months or more of the previous year. But the agencys guidelines don't have the effect of law and only apply to FDIC-supervised banks. As with any online transaction, consumers should do their homework to make sure the lender is reputable, Barden said, adding that a few idiot lenders are giving a bad name to the industry.

For Taylor, the field service technician in Virginia who now owes about 20,000 to online payday lenders, there has been some relief. Last month, acting on advice from Speer, the executive director of the Virginia Poverty Law Center, Taylor asked his bank to stop allowing the lenders to make withdrawals from his checking account.

Perhaps predictably, the companies that lent him the money arent happy. Some of them have begun hounding Taylor with phone calls. Meanwhile, his debt is rising fast, growing higher every two weeks. Finally, the debts have ruined Taylor's credit, which he says will cause him to pay more for insurance and for his cell phone.

Can you loan money from a bank