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CFPB: ACE Money Express Need To Pay $10M For Pushing Borrowers Into Pay Day Loan Pattern Of Financial Obligation
The buyer Financial Protection Bureau announced Thursday they could not afford that it was seeking an enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for allegedly engaging in illegal debt collection practices in order to push consumers into taking out additional loans.
Texas-based ACE will give you $5 million in refunds to customers along with spending a $5 million penalty for the violations that are alleged.
ACE, which currently runs on the web and through 1,500 retail storefronts in 36 states, offers pay day loans, check-cashing services, name loans, installment loans as well as other financial loans.