California payday lender refunds $800,000 to stay allegations that are predatory lending

California payday lender refunds $800,000 to stay allegations that are predatory lending

A California payday loan provider is refunding about $800,000 to customers to stay allegations so it steered borrowers into high-interest loans and involved in other practices that are illegal state officials stated Tuesday.

California Check Cashing Stores additionally consented to spend $105,000 in charges along with other expenses in a consent purchase using the state’s Department of company Oversight, that has been cracking straight straight down on payday along with other high-cost customer loans that experts allege are predatory. The organization would not acknowledge guilt within the permission order.

The department, which oversees service that is financial and products, has had comparable actions against four other businesses since late 2017 as an element of an endeavor to enforce the state’s restrictions on interest levels for payday along with other small-dollar loans. (more…)