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Payday lender Ace money Express to pay for ten dollars million over debt-collection methods

Whenever clients dropped behind on repaying their short-term, small-dollar loans, Ace money Express threatened prison time or pressured them into taking right out brand brand new loans with excessive costs to pay for your debt.

Ace was so intent on squeezing cash away from clients that its training manual included a visual of the step by step loan procedure that could trap delinquent borrowers in a period of financial obligation, the buyer Financial Protection Bureau stated Thursday. Continue reading