ACE Cash Express

ACE Cash Express is an Irving, Texas-based payday loan company, one of the biggest of its kind in the United States.[1] It was established in 1968.[2]

Settlement

In 2014, ACE paid $10 million to settle allegations from the Consumer Financial Protection Bureau that the company had illegally pressured those who had taken out its loans using, among other illegal tactics, false threats of lawsuits, to borrow more from ACE to pay them off.[3] Other practices that contributed to this settlement were ACE's threatening people with jail time if they failed to pay off their loans, and their use of a circular diagram in training manuals depicting how those who took out loans from them could become trapped in a cycle of debt.[4]

References

  1. ↑ Associated Press (10 July 2014). "Ace Cash Express settles debt collection claims". Salon. Retrieved 27 March 2016.
  2. ↑ "About Us". Acecashexpress.com. Retrieved 27 March 2016.
  3. ↑ Puzzanghera, Jim (10 July 2014). "ACE Cash Express to pay $10 million over 'cycle of debt' allegations". Los Angeles Times. Retrieved 27 March 2016.
  4. ↑ Douglas, Danielle (10 July 2014). "Payday lender Ace Cash Express to pay $10 million over debt-collection practices". Washington Post. Retrieved 27 March 2016.

External links

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