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Customer Financial Protection Bureau Defends Borrowers from Prohibited High-Cost Loans

Customer Financial Protection Bureau Defends Borrowers from Prohibited High-Cost Loans

Washington, DC – The Consumer Financial Protection Bureau (CFPB) yesterday took action against four tribally affiliated online payday installment loan providers for deceiving customers and debt that is collecting had not been lawfully owed in lots of states considering that the loans surpassed state rate of interest caps or as the loan providers were unlicensed. Underneath the legislation of the states, the illegal loans had been void and might never be collected.

The four online loan providers – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., hill Summit Financial, Inc., and Majestic Lake Financial, Inc.