PayPal says it is taking action against unaccredited schools that are advertising PayPal Credit as a financing option for students, citing 'misleading messaging.'
Citing concerns raised in an earlierby the Student Borrower Protection Center, tapping other types of credit and debit — beyond federal and private student loans — to cover educational expenses is contributing to a growing problem of "shadow student debt," the consumer groups also said.
We have already begun taking action against some of the entities mentioned in the letter that have been found to be using inaccurate or misleading messaging/characterization of our products."If an organization is found to be using inaccurate or misleading messaging or characterization about PayPal Credit products without our prior knowledge or consent, we will quickly move to terminate the use of our services," PayPal's Gallo said.
Further, the consumer groups took issue with PayPal Credit's fees and "deceptive" introductory no-interest offer, which allows borrowers to defer interest for the first six months.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How putting your credit card into forbearance can affect your credit scoreWith card issuers continuing to offer financial assistance programs amid the coronavirus pandemic, CNBC Select looks at how these short-term solutions impact your credit.
Read more »
Minority-Owned Fintech App Esusu Closes $2.3 Million Seed Round, Announces Plans To Address Credit InequalityMinority-owned fintech app Esusu closed a $2.3 million seed round and announced its plans to address credit inequality by ruthumohnews
Read more »
5 credit cards to consider downgrading to save money on annual fees - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Australia's Zip teams up with eBay for flexible credit to businesses; shares soarAustralia's Zip Co Ltd on Wednesday said it had partnered with eBay Inc to offer flexible credit to small- and medium-sized businesses on the e-commerce platform, sending its shares to a record high in early trade.
Read more »
The best credit cards for grocery shopping of 2020Americans spend more than $5,000 a year on grocery shopping— these credit cards can save you hundreds a year at the supermarket.
Read more »
New virus cases decline in the US and experts credit masksThe number of Americans newly diagnosed with the coronavirus is falling — a development experts credit at least partly to increased wearing of masks — even as the outbreak continues to claim nearly 1,000 lives in the U.S. each day.
Read more »