NEW YORK--(BUSINESS WIRE)--In a dramatic shift of power, Consumer Financial Advocates has launched LoanReverse.com, a web service aimed at helping hard working Americans recover their payments on illegal, online loans, up to $1,000 per loan.
The secure, easy-to-use website gathers a borrower’s loan information, establishes his or her eligibility for a refund and then contacts the financial institution to facilitate the “loan reversal;” recovering interest and fees and ending the lender’s unlawful withdrawals of interest and principal from the borrower’s account.
"Short-term, high interest rate loans have become necessary for many hard-working Americans to meet even their basic needs,” commented Buckley Carlson, spokesman for Consumer Financial Advocates, the organization that built and operates LoanReverse.com. "Millions have been duped each year by illegal online lenders, and don’t even know it. Illegal online payday loans are devastating to those who’ve become tethered to them, and they create a debt-spiral from which it is difficult to escape. Through LoanReverse.com, we are succeeding where the government has failed; putting the squeeze on illegal, online predatory lenders while getting cash back into the accounts of their victims.”
Carlson added that LoanReverse will essentially be obsolete after a few months. “Time is ticking for people to recover their money as the third-party clearing houses that coordinate payment transfers are going to wake up and not accept transactions from these illegal lenders that hide online in a shadowy world that cons more than $40 billion annually out of hard working people.”
LoanReverse.com works by gathering loan information directly from the borrowers and applies its proprietary software to determine the amount each victim of an illegal payday lender is eligible to recover. The site then generates the necessary documents to streamline the complicated and bureaucratic process of reversing the fees and interest charged by these predatory lenders.
"Roughly 90 percent of online loans are illegal, with annualized interest rates ranging from 700 percent to more than 1,200 percent. The typical online borrower puts up to 36 percent of his or her gross monthly paycheck toward interest on their illegal online loans; and most of these individuals have three, four or more loans at the same time," stated Carlson. "Most users of the site will be able to recover $550 per current illegal loan on average, an amount exceeding the initial loan amount. For most people, they may recover $2,000 or more depending on how many loans they have received from these illegal online predatory lenders."
LoanReverse.com launched on June 19, 2014 and is helping people across the country obtain much needed cash in these difficult economic times. Please visit our website at https://LoanReverse.com.
LoanReverse.com is the first product offering from Consumer Financial Advocates, an organization dedicated to helping hard-working Americans who have been charged illegal interest rates and fees from online predatory lenders masquerading as payday lenders. Our goal is to help as many Americans get their money back from these predatory lenders.