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CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Into Pattern of Financial Obligation

CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Into Pattern of Financial Obligation

Today, the customer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, among the payday lenders that are largest in the us, for pressing payday borrowers in to a cycle of financial obligation. The CFPB discovered that ACE utilized unlawful financial obligation collection techniques – including harassment and false threats of legal actions or criminal prosecution – to pressure overdue borrowers into taking right out extra loans they are able to perhaps maybe not pay for.