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Bureau of Customer Financial Protection Settles with Money Express

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Bureau of Customer Financial Protection Settles with Money Express

Money Express Made Misleading Representations to Consumers and Improperly money that is seized Check-Cashing Transactions

The Bureau of customer Financial Protection (Bureau) today announced money with money Express, LLC, a small-dollar loan provider based in Cookeville, Tenn., that offers high-cost, short-term loans, such as for instance payday and title loans, along with check-cashing services. Cash Express has and runs about 328 retail lending outlets in same day payday loans in Texas four states: Tennessee, Kentucky, Alabama, and Mississippi.

As described within the permission purchase, the Bureau unearthed that money Express violated the customer Financial Protection Act (CFPA) by deceptively threatening in collection letters it was not Cash Express’s practice to file lawsuits against these consumers that it would take legal action against consumers, even though the debts were past the date for suing on legal claims, and. The Bureau additionally discovered that money Express violated the CFPA by misrepresenting so it might report negative credit information to customer reporting agencies for late or missed payments, as soon as the business would not really report these records.Read More »Bureau of Customer Financial Protection Settles with Money Express