Local payday lender settles debt collection claims - KXXV-TV News Channel 25 - Central Texas News and Weather for Waco, Temple, Killeen |

CENTRAL TEXAS

Local payday lender settles debt collection claims

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CENTRAL TEXAS -

A payday lender with several locations in Central Texas has agreed to pay a $10 million in a settlement over harassment claims.

Federal regulators accused Ace Cash Express, Inc. of illegally harassing borrowers to collect debts, as well as coercing them to take out additional loans.

The Consumer Financial Protection Bureau announced Ace will pay a $5 million fine and refund $5 million to affected customers.

The CFPB said Thursday was it's first action against a payday lender for pressuring consumers into a cycle of debt.

The agency said Ace wrongfully threatened lawsuits or criminal prosecution against customers.

Ace has nine locations in Central Texas. Two in Waco, two in Temple, three in Killeen, one in Copperas Cove, and one in Mexia.

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