BUFFALO, N.Y. (WIVB) - New York State’s top prosecutor has been cracking down on what he called crooked business. Five companies, located in Kenmore, Buffalo, Amherst and Orchard Park, have been accused of collecting on so-called “payday loans.”
These loans, which are illegal in New York State, have sky-high interest rates, sometimes more than 600 percent. Monday morning, State Attorney General Eric Schneiderman announced the local companies will pay more than $300,000 in restitution under a settlement.
Schneiderman said, “They were collecting on loans that charged 30 times the legal limit for interest, taking advantage of desperate people, or people who needed the money right away.”
Prosecutors are reminding consumers to be aware of the payday loan trap.
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