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For Pushing Borrowers Into Pay Day Loan Cycle Of Financial Obligation

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CFPB: ACE Money Express Need To Pay $10M For Pushing Borrowers Into Pay Day Loan Pattern Of Financial Obligation

The customer Financial Protection Bureau announced Thursday it was searching for an enforcement action against ACE money Express, among the biggest payday loan providers in the usa, for allegedly participating in unlawful business collection agencies techniques to be able to push customers into taking right out extra loans they are able to perhaps not manage.

Texas-based ACE will give you $5 million in refunds to customers in addition to having to pay a $5 million penalty when it comes to so-called violations. Continue reading