Storefront lender accused of pushing customers into taking out big loans without interest rate caps [Los Angeles Times (CA)]
FirstCash Holdings, Inc. (FCFS)
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Source: Los Angeles Times
Storefront lender accused of pushing customers into taking out big loans without interest rate caps California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates. The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America only offers loans of at least $2,600 but did not disclose that minimum in advertisements. When customers sought smaller loans, Cash America would offer loans of $2,600 and tell borrowers they could simply give back the extra, according to the accusation. But pushing customers to borrow more than they wanted allowed the company to charge dramatically higher interest rates. Under California law, interest on loans of up to $2,499 is capped at between 20% and 30%. But for loans of $2,500 and up, there’s no cap. Many lenders say they cannot make loans profitably under the rate cap and state in their ad
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