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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 us, for allegedly participating in unlawful commercial collection agency methods to be able to push customers into taking right out extra loans they might maybe not manage.
Texas-based ACE will give you $5 million in refunds to customers in addition to having to pay a $5 million penalty for the violations that are alleged. Continue reading CFPB: ACE Money Express Need To Pay $10M For Pushing Borrowers Into Pay Day Loan Pattern Of Financial Obligation