In reality, through at the very least 2012, TUCKER and MUIR structured the payment routine regarding the loans so that, in the borrower’s payday

In reality, through at the very least 2012, TUCKER and MUIR structured the payment routine regarding the loans so that, in the borrower’s payday

the Tucker Payday Lenders immediately withdrew the interest that is entire due on the mortgage, but left the main balance untouched to ensure that, on the borrower’s next payday, the Tucker Payday Lenders could once again immediately withdraw a sum equaling the complete interest re payment due (and currently compensated) from the loan. The Tucker Payday Lenders proceeded automatically to withdraw such “finance charges” payday after payday (typically every two weeks), applying none of the money toward repayment of principal, until at least the fifth payday, when they began to withdraw an additional $50 per payday to apply to the principal balance of the loan with TUCKER and MUIR’s approval. (more…)

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