The Consumer Financial Protection Bureau (CFPB) has agreed to settle with a payday lender accused of failing to accurately disclose the annual percentage rate (APR) of loan products before consummation and making harassing collection calls to borrowers’ references.
The bureau alleges the company excluded a $1 payday loan database fee from the APR calculation for Kentucky loans during a two-year period.
Read on for details from the consent order.
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