Lots of people who need help smoothing down erratic money flows turn to payday advances.

Lots of people who need help smoothing down erratic money flows turn to payday advances.

On January 27, 2016, nearly 10 months following the NJCA’s initial inquiry, their state investment commission announced at its month-to-month conference so it had finalized divestiture from JLL Partners, the personal equity company that bought Ace money Express. Ace had previous been fined $5 million and ordered to settle borrowers another $5 million because of the customer Financial Protection Bureau (CFPB), which discovered Ace’s lending and collection methods to be predatory.

“Yes, yes, yes,” said Salowe-Kaye, whenever asked concerning the CFPB’s findings and subsequent ruling on Ace, “That’s why they payday lenders are illegal in nj-new jersey.”

Continue reading