Five businesses making unlawful pay day loans to pay $300G to ny customers, state

Five businesses making unlawful pay day loans to pay $300G to ny customers, state

BUFFALO, N.Y. Monday(AP) — Five companies that have been collecting on illegal “payday” loans will pay more than $300,000 in restitution and penalties to the state and consumers under a settlement announced by Attorney General Eric Schneiderman.

The four commercial collection agency agencies and something debt-buying business are banned by the settlement from gathering regarding the loans, which violate state legislation for their excessive interest levels. The company that is debt-buying Northern Resolution number of Amherst, will also reverse 8,550 negative reports about ny borrowers it meant to credit scoring bureaus. Continue reading “Five businesses making unlawful pay day loans to pay $300G to ny customers, state”