San Diego, CA -- (SBWIRE) -- 03/11/2016 -- In an effort to help people realize the truth behind loan companies, the aforementioned website has come up with an informative blog. It claims that MultiMutual Loans has been offering payday loans to people at astounding interest rates of up to 1000%. After the regulatory authorities came to know of it, their popular pitchman, Montel Williams, has agreed to pay $2.1 million as penalty to the market. The details of the same can be had at http://mathersresearch.com/montel-williams-to-pay-2-1-million-as-penalty-to-payday-loan-market/.

Payday loans are quite common in the whole of the USA and they have proven to be handy under emergency circumstances. Since they do not involve many checks and the credit history of the borrower is not important, these short term loans are known for their high interest rates. However, in order to keep a check on the same, there are certain regulatory bodies which are working towards the interests rates so that they do not exceed the guidelines laid down by them.

As far as Montel William is concerned, he was hailed as the face of MultiMutual Loans because of his success in payday loans. Owing to the recent revelation, he has been let go with a promise of paying $2.1 million penalty to the payday loan market. He is also said to have stopped promoting the product following the investigations.

The website says, "There are many illegal methods which were employed by the entity in an effort to increase the number of people opting for payday loans. Though Montel was just following orders from superiors, the Company itself has acknowledged some of the findings made by the authorities. It is important for people to know how these lenders function and make payday loans the last resort whenever there is such a need."

To obtain more information about the penalty, visit http://mathersresearch.com/montel-williams-to-pay-2-1-million-as-penalty-to-payday-loan-market/.

About mathersresearch.com
The website claims that there are many such payday loan companies who people fall prey to frequently. The online format is much easier and within 24 hours, the loan is approved and the amount disbursed. This is a portal that provides information on a number of other subjects and each of them are aimed to help people in their financial planning. Their blogs and articles are believed to be based on reliable sources.

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URL: http://mathersresearch.com/montel-williams-to-pay-2-1-million-as-penalty-to-payday-loan-market/