Victim Spreads Word on Payday Loan Scam, Don’t Be Next
Dear ABC News Fixer: I was trying to obtain a payday loan. The online lender instructed me to send them a Green Dot MoneyPak card with $195 on it for insurance to secure the loan, They would put the funds directly on the card.
I asked them why they payday loan couldnt just deposit the loan money into my bank account, but the lending representative said it was against federal regulations. So, I got the card and scratched off the number on the back and read it to him over the phone. He said the funds would be available in a half-hour.
Twenty minutes later, he called back and said my Social Security number was red-flagged and the mon