KANSAS CITY, Kan. - A payday lender with branches in the metro will pay $10 million for allegedly using predatory practices.
Ace Cash Express has agreed to pay the money as part of a deal with federal regulators.
It’s accused of illegally harassing borrowers to collect debts and get them to take out more loans.
"Once you find yourself in the payday debt trap, you simply cannot free yourself because of the high interest rates," attorney John Miller said.
Investigators said Ace Cash Express threatened lawsuits and criminal charges. Reports said Ace also trained employees on how to trap customers.
Ace did not admit wrongdoing in the deal.