CFPB Takes Action Against ACE Cash Express for Pressing Payday Borrowers Towards Pattern of Financial Obligation

CFPB Takes Action Against ACE Cash Express for Pressing Payday Borrowers Towards Pattern of Financial Obligation

Today, the buyer Financial Protection Bureau (CFPB) took enforcement action against ACE money Express, among the biggest payday loan providers in the us, for pressing payday borrowers in to a period of financial obligation. The CFPB unearthed that ACE utilized debt that is illegal techniques – including harassment and false threats of legal actions or criminal prosecution – to pressure overdue borrowers into taking out fully extra loans they might perhaps maybe not pay for. ACE provides $5 million in refunds and pay a $5 million penalty of these violations. Lire la suite