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Payday Lender ACE Money Express Fined $10 Million

Payday Lender ACE Money Express Fined $10 Million

By Charlene Crowell NNPA Columnist

The Consumer Financial Protection Bureau (CFPB) has fined a major payday lender for the second time in as many years. On July 10, Director Richard Cordray announced this one for the nation’s biggest payday lenders, ACE Cash Express, will probably pay ten dollars million in restitution and charges for directing its workers to “create a feeling of urgency” whenever calling borrowers that are delinquent. This tactic that is abusive used to perpetuate the cash advance debt trap.

CFPB has bought ACE money Express to deliver customers with $5 million in refunds as well as the amount that is same charges for the violations.Read More »Payday Lender ACE Money Express Fined $10 Million