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 gathering financial obligation that had not been lawfully owed in several states since the loans surpassed state rate of interest caps or considering that the lenders had been unlicensed. Beneath the legislation of the states, the unlawful loans had been void and may never be gathered.

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