Complaints Lead to Cease and Desist Order for Online Payday Lender

WITN TV
August 31, 2010
King, Heather

The Better Business Bureau has received more than 20 complaints in the past three weeks about Select Premium Credit, a payday lender in North Carolina that has also captured the attention of the state's attorney general. Grievances are coming from people who have discovered a charge of $49.99 on their bank statements. According to the BBB, everyone who complained has applied for various payday loans online and provided sensitive information, including their bank account number and their digital signature. The North Carolina attorney general's office has issued a cease-and-desist order against the company. Beverly Baskin, President and CEO of BBB serving Eastern North Carolina, offered a warning to consumers: "The bottom line is if you are handing over your bank account information online to get a payday loan without doing your research, you are setting yourself up to pay hundreds and even thousands of dollars more than you bargained for."
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