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CFPB Takes Action against ACE Cash Express for Prohibited Advance Loan Methods

CFPB Takes Action against ACE Cash Express for Prohibited Advance Loan Methods

The client Financial Protection Bureau (CFPB) has received enforcement action against ACE cash Express, among the biggest pay day loan providers in the us, for pushing payday borrowers into a time period of economic responsibility.

The CFPB found that ACE used unlawful obligation that is financial techniques – including harassment and false threats of legal actions or unlawful prosecution – to pressure overdue borrowers into taking out extra loans they can possibly not handle.