In such cases, their credit history is often overlooked in favor of their previous academic performance and desire to receive an education. Such loans are usually only available to students and is covered under the governments right to education policy. The loan can be put to use in a variety of ways, such as paying tuition fees, highest personal loan interest rate study material, renting accommodations and for daily needs.
Mortgage Loan. Having some form of shelter is one of the most basic rights that everyone has, but not everyone has the money to pay for the mortgage on a piece of property. In such cases, a mortgage loan can be requested and received by the buying party.
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If anyone tried to contest the unauthorized transactions, the companies would misrepresent to the banks that consumers authorized the transactions, according to the FTCs complaint. The companies even produced bogus loan applications or other phony documents as proof that people had agreed to borrow the money, the FTC said.
The FTC also charged the companies with misleading those who actually wanted the loans by misstating the real finance charges, annual percentage rates, payment schedules and number highest personal loan interest rate payments. For example, instead of paying 390 for a 300 loan (as stated in the loans disclosure documents) some consumers have paid defendants more than 1,000 in automatic charges that would occur every two weeks, according to the complaint.
In a single year from 2012 to 2013, Coppinger and Rowlands companies issued 28 million in payday loans and withdrew more than 46. 5 million from bank accounts, the FTC says. Consumer groups say the case underscores the dangers posed by the buying and selling of consumers personal data online.