Coloradans will receive $275,000 in a total of easy pay settlements to those who were involved in the company’s predatory lending practices.
$275,000 EasyPay Settlement: Payment To Coloradans Who Involves In Company’s Predatory Lending Practices
On Monday, Democratic Attorney General Phil Weiser released a statement with EasyPay. He said that there will be a settlement for EasyPay because it violated the Colorado law when it worked with an out-of-state bank in an attempt to circumvent limits on interest rates. According to him, the Coloradans, who were involved in the case will receive $275,000 total in restitution from a settlement involving a company’s predatory lending practices.
He added, that in Colorado, they want to protect consumers from illegal and predatory lending practices and they want that their consumer money is safe. In that, they will continue to remove those accountable lenders that keep high charges interest rates for those Coloradans and leaves them stuck in their debt.
The Colorado Department of Law under the Consumer Credit Enforcement Unit of the Consumer Protection Division began to investigate the EasyPay company. They said that the company implemented a 90-day interest rebate promotion to those interested applicants. Colorado consumers are asked to pay their loans in full within 90 days to EasyPay without missed, late, or returned payments full with the interest and processing fee up to $40.
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$275,000 EasyPay Settlement: Coloradans Payment Who Involves In Company’s Predatory Lending Practices
If the borrowers didn’t pay the loan on the time period EasyPay will be required for all interest arising to be paid ranging from 29% to 199%. The loans ranged from $350 to $5,000.According to the statement, of all the 8,108 loans EasyPay made to Colorado consumers, 6,286 had an annual percentage rate of 100%. The investigation found 36% of consumers defaulted on loans if they didn’t qualify for an interest rebate promotion through 2019. They added, that EasyPay will now refrain from lending money to Coloradans, and will pay for the settlement because they violated Colorado Law. EasyPay accepted to stop lending and collecting money from the consumers and also agreed to pay $100,000 for legal fees, restitution, future consumer or credit education purposes, consumer protection enforcement, and public welfare purposes.
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