An additional indication that the pay day loan industry is increasingly under siege, the CFPB reached funds Thursday with among the country’s biggest payday lenders for ten dollars million over its illegal business collection agencies techniques.
The lending company, ACE money Express, «used false threats, intimidation, and harassing phone telephone calls to bully payday borrowers into a period of financial obligation, ” said CFPB Director Richard Cordray. “This culture of coercion drained millions of bucks from cash-strapped customers that has options that are few fight. «
As an example, the CFPB states customers encountered the risk of extra costs, being reported to credit scoring agencies and criminal prosecution if they did not make payments. […]