ACE Cash Express, Inc.
The CFPB took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.
Related documents
Press release
CFPB Takes Action Against ACE Cash Express for Pushing Payday Borrowers Into Cycle of Debt