Payday Lenders Pay $4.4 Million to Settle Deception Charges
The Federal Trade Commission charged two payday lenders in April of 2012, Red Cedar Services Inc. and SFS Inc, alleging that the lenders misrepresented how much loans would cost consumers, and failed to accurately disclose the annual percentage rate of other loan terms. Each company has paid $2.2 million to settle these charges, and have collectively waived $68 million in fees to consumers which were not collected as a result of these violations of the FTC Act and TILA. [1/6/16]
