Credit Brokers Posing as Pay Day Lending Companies

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Credit Brokers Posing as Pay Day Lending Companies

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We believe credit brokers intentionally misleading people into believing they are payday lending companies online. In some instances a person will be filling in a loan application when they are re-directed to a page asking them to confirm their details for the loan.
What they do not realise is that they have actually been re-directed to a broker. The brokers' page they are re-directed to is intentionally misleading them into thinking they are going to receive a loan. Once the money is taken there is often no confirmation or notification.

A simple Internet search about this will show forums and discussions where many many people have lost money as a result.

There should be regulation in place to ensure these brokers clearly indicate they are in fact brokers and not pay-day loan companies. The brokers should obtain further permission from the individual (via phone or in writing) before taking money from their account.

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