Complaints to Maine's consumer credit protectors increased late last year when people who had borrowed from online "payday" companies learned they were being charged exorbitant fees and interest.
"Uniformly, these borrowers tell us, 'This is the biggest mistake I've ever made.' Nobody's had a good experience with these out-of-state lenders," said Superintendent William Lund of the Bureau of Consumer Credit Protection.
Payday loans are short-term transactions designed to be repaid when borrowers get their next paychecks.
Monday, January 19, 2009
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