Major Payday Lender Settles after Allegations of Illegal Conduct

Jul 18, 2014 by

Major Payday Lender Settles after Allegations of Illegal Conduct

If you have used ACE Cash Express for short-term loans, this article may be interesting to you. The Consumer Financial Protection Bureau (CFPB) pursued ACE regarding its practice of harassing financially-strapped people and forcing them to continuously refinance their high interest rate loans. ACE finally agreed to pay $5 million in refunds to borrowers, in addition to a $5 million fine.

If you are a victim of ACE, I would suggest that you contact CFPB directly at 1-855-411-2372 or submit a message to CFPB at http://www.consumerfinance.gov/contact-us/. ACE has promised CFPB that it will hire a company to contact eligible customers and issue refunds – this is a process that has not worked in many other settlements (victims are not contacted). I wonder why CFPB thinks it will work this time.

Read more at latimes.com

Related Posts

Share This