CFPB Techniques Against Cash Advance Industry, Orders ACE Cash Express To Pay For $10 Million

CFPB Techniques Against Cash Advance Industry, Orders ACE Cash Express To Pay For $10 Million

The CFPB reached a settlement Thursday with one of the nation’s largest payday lenders for $10 million over its illegal debt collection tactics in another sign advance america payday loans reviews that the payday loan industry is increasingly under siege.

The financial institution, ACE money Express, “used false threats, intimidation, and harassing telephone telephone calls to bully payday borrowers right into a period of financial obligation,” said CFPB Director Richard Cordray. “This tradition of coercion drained millions of dollars from cash-strapped customers that has options that are few react.”

As an example, the CFPB claims customers encountered the risk of additional charges, being reported to credit rating agencies and prosecution that is criminal they did not make re re payments.

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