Subscribe to The Big Squeeze Subscribe to The Big Squeeze's comments

Archive for the ‘ace cash express payday loans’ category

ACE money Express, a leading payday loan provider, has consented to spend ten dollars million to stay federal allegations it utilized false threats of legal actions as well as other unlawful tactics to force customers with overdue loans to borrow more to pay for them down.

The Irving, Texas, company, that has 1,500 areas in Ca and 35 other states, will probably pay a $5-million fine and $5 million in refunds to thousands of borrowers, the buyer Financial Protection Bureau, which oversees payday lenders, stated Thursday.

“ACE used false threats, intimidation and harassing phone phone calls to bully payday borrowers right into a period of financial obligation,” said bureau Director Richard Cordray. “This culture of coercion drained millions of bucks from cash-strapped customers that has few choices to react.”

The agency, produced by the 2010 monetary reform legislation, has reported that the short-term loans — typically two-week improvements for a paycheck — can trap borrowers in a period of financial obligation. Read more »