Posted on Feb 27, 2023
Troops will get part of a $5M settlement in alleged title loan scam
291
5
1
3
3
0
"The Consumer Financial Protection Bureau’s action requires TMX Finance LLC, widely known as TitleMax, to pay more than $5 million to consumers and a $10 million civil penalty to the CFPB."
Troops will get part of a $5M settlement in alleged title loan scam
Posted from armytimes.com
Scam
Loans
Posted 1 y ago
Responses: 1
2
2
0
LTC Eugene Chu
..."The CFPB also alleges that TitleMax doctored information about borrowers’ military status so they could provide these loans, even though lenders are prohibited by the Military Lending Act from making title loans to active duty troops or their dependents. Those small-dollar loans come with expensive charges and short terms, usually 30 days or less, in which borrowers put up their vehicle as collateral. They may face unaffordable payments if the loan has to be renewed multiple times. "...
..."The CFPB also alleges that TitleMax doctored information about borrowers’ military status so they could provide these loans, even though lenders are prohibited by the Military Lending Act from making title loans to active duty troops or their dependents. Those small-dollar loans come with expensive charges and short terms, usually 30 days or less, in which borrowers put up their vehicle as collateral. They may face unaffordable payments if the loan has to be renewed multiple times. "...
(2)
(0)
Read This Next
Continue with Facebook 
Continue with Google