CFPB Debt Collection Complaint Ranking*:
#57 of 2,458 Companies
Lawsuits, Penalties, or Sanctions:
In a 2014 enforcement action by the CFPB, ACE Cash Express paid $10 million in refunds and penalties for using false threats, intimidation, and harassing calls to force consumers into a “cycle of debt.”
Location and Contact Details:
ACE Cash Express, Inc. is one of the largest payday lenders and payday loan debt collectors in the United States. It offers payday loans, check-cashing services, title loans, installment loans, and other consumer financial products and services. ACE offers the loans online and at many of its 1,500 retail storefronts. The storefronts are located in 36 states and the District of Columbia.
The company was founded in 1968. It was publically traded until 2006 when all of ACE’s common stock was purchased by then (and current) CEO Shipowitz and partners for $420 million.
ACE also does business as America’s Cash Express.
John Oliver (from HBO’s Last Week Tonight) explains predatory payday lenders using a video produced by ACE Cash Express and “cycle of debt” chart from ACE’s training manual and referenced by the CFPB.
* Ranking determined by the overall number of debt collection complaints to the Consumer Financial Protection Bureau (CFPB) as of year-end 2015 and should be considered in context of company size and/or market share. See the CFPB debt collection complaint database in real-time here.
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