Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit charging companies with deceiving consumers about the costs and risks of their pension advance loans. The CFPB allege that the companies duped consumers into borrowing against their pensions by deceptively marketing the product as a sale instead of a loan and failing to disclose high interest rates and fees. The CFPB and NYDFS are seeking to end the illegal practices, to prevent further consumer injury, and to obtain redress for consumers and other monetary relief.
“These companies duped consumers into taking out pension advance loans by deceiving them about the terms of the deal,” “This scheme involved false advertising, illegal loans at high interest rates, and other abusive tactics that our Department simply will not tolerate. Together with the Consumer Financial Protection Bureau, we are seeking to deliver relief to the pensioners on whom the defendants preyed. We thank our partners at the CFPB for their outstanding work and cooperation in investigating and pursuing this matter, and the attorneys at the New York Attorney General’s Office for their representation of the Department in this matter.”
Call (973) 598-1980 for a free consultation on misrepresented loans.