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 lending company, ACE money Express, “used false threats, intimidation, and harassing telephone phone calls to bully payday borrowers into a period of debt,” said CFPB Director Richard Cordray. “This tradition of coercion drained millions of bucks from cash-strapped consumers that has few choices to react.”

As an example, the CFPB states consumers encountered the risk of additional costs, being reported to credit scoring agencies and unlawful prosecution if they did not make re payments. Some enthusiasts repeatedly called consumers, their workplaces as well as their family members, disclosing information on their loans.Continue reading