Are there any laws governing internet payday loans?

Question by big red: Are there any laws governing internet payday loans?

Best answer:

Answer by arus.geo
http://usgovinfo.about.com/od/consumerawareness/a/paydayloans.htm

http://money.cnn.com/2004/12/01/pf/debt/internet_loans/index.htm

http://www3.ftc.gov/bcp/edu/pubs/consumer/alerts/alt060.shtm

that its buyer beware, and that you should READ all the fine print when looking at a pay day loan.

Pay day loans are private companies that lend money. They are not backed by any financial institutions nor backed by the FDIC.

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