BBB warns of payday loan scams

Published: Sep. 1, 2022 at 6:20 PM CDT
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WICHITA FALLS, Texas (KAUZ) - The Better Business Bureau released a study Thursday about predatory lending and payday loan scams.

The BBB said the COVID pandemic helped push many residents to payday loans as a short term solution to pay their bills.

Monica Horton with the BBB said the payday loan marketplace is full of both real companies and scammers.

“If you are in the market for a loan, you need to make sure that you know who you are dealing with because we have found that some scammers like to pretend to be an actual lender, so it might be a lender you are familiar with and researched already,” Horton said. “You might stumble across an imposter whose goal is to steal your money and information.”

The Better Business Bureau has more tips on their website.