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Texas-based ACE Cash Express, a large payday lender with a franchise store in Hattiesburg, has been hit with $10 million in penalties from the fledgling Consumer Financial Protection Bureau.,ACE Cash Express is the largest owner and operator of check cashing stores in the United States and the second largest payday lender.,ACE Cash Express and other payday lenders require borrowers to be employed, have a bank account and show proof of receiving regular paychecks. They must leave a post-dated personal bank check for the principal and fees as security.,Director Cordray said the intimidation used by ACE Cash Express was “part of a culture of coercion aimed at pressuring payday borrowers into debt traps.”,After applying sustained pressure, ACE would offer to relieve the pressure by encouraging the delinquent borrower to pay off existing loans by taking out yet another payday loan, Cordray said.,“Each time, ACE would collect another round of expensive fees, and the borrower would sink even deeper into debt,” he added. “This vicious cycle of debt drained hard-earned dollars from cash-strapped consumers who had few, if any, options available to fight back.”,ACE also denied making rollover loans. “A customer with a delinquent account is not allowed to take out another loan with ACE until the previous loan is paid off,” spokesman Eric Norrington insisted.,The order for ACE to repay $5 million to borrowers and $5 million in federal fines comes slightly more than a year after the CFPB levied over $14 million in penalties against large-scale payday lender Cash America.,The CFPB, created under the Dodd Frank Wall Street Reform and Consumer Protection Act, has authority to oversee the payday loan market and is a clearinghouse for complaints on collections practices y the short-term lenders.,The agency has issued white papers the last two springs that detail disturbing trends in payday lending practices across America. The newest report, issued in late March, found that four out of five payday loan are rolled over or renewed within 14 days.,The study also found that three of out of five payday loans are made to borrowers whose fee expenses exceed the amount borrowed. This occurs through loan renewals, or rollovers, a designation the CFPB gives any low-dollar loans from the same lender to the same borrower within 14 days of each other.,Further, the study found, four out of five payday borrowers who renew end up borrowing the same amount or more.

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They do this at least once a year, according to the CFPB.,The conclusions CFPB reached in its investigation of ACE Cash Express are hardly a news bulletin for those who follow the payday lending sector, said Diane Standaert , legislative counsel for the Center for Responsible Lending, a North Carolina-based non-profit organization created to combat predatory lending.,I have been getting several emails from a company claiming to be ACE CASH SERVICES.
The emails are threatening and I would like to say to them that they are not who they say that they are, but I am just replying to them saying that they are scammers. I never applied for a payday loan that I did not pay off in full. In the emails that I am getting say that they have my personal information and also my bank account information. At the time they said that I applied for the loan I did not have an active bank account.
I want them to stop sending me emails.,Same scam from Ace Cash..I have been getting several emails from a “company” claiming to be ACE CASH SERVICES.

The emails are threatening and I would like to say to them that they are not who they say that they are, but I am just replying to them saying that they are scammers.
I never applied for a payday loan that I did not pay off in full. In the emails that I am getting say that they have my personal information and also my bank account information.
At the time they said that I applied for the loan I did not have an active bank account.

I want them to stop sending me emails

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