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

CFPB Techniques Against Cash Advance Industry, Orders ACE Cash Express To <a href="https://badcreditloanzone.com/payday-loans-ar/">online payday AR</a> Cover $10 Million

An additional indication that the pay day loan industry is increasingly under siege, the CFPB reached money Thursday with one of many country’s biggest payday lenders for ten dollars million over its unlawful commercial collection agency strategies.

The lending company, ACE money Express, “used false threats, intimidation, and harassing 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 few choices to fight.”