Payday Loan Marketer Settles With FTC For $4.8M

Law360, New York (July 25, 2011, 3:17 PM EDT) -- The Federal Trade Commission announced Thursday that a federal court in California had belted Swish Marketing Inc. with a $4.8 million judgment for hoodwinking payday loan applicants into buying prepaid debit cards.

Swish Marketing operated dozens of websites that purportedly matched loan applicants with so-called payday lenders, and rigged the applications so that would-be borrowers unwittingly ordered a debit card, incurring up to $54.95 in exploitative charges, the FTC said.

“Hundreds of thousands of consumers incurred debits of between $39.95 and $54.95 for [debit cards] in...
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