CFPB accuses pawn shops of scamming military families

By Alyssa Aquino (Nov 12, 2021, 7:32 p.m. EST) – The Consumer Financial Protection Bureau sued one of the largest pawn shops in the United States in federal court in Texas, claiming Friday that FirstCash Inc. had violated the Military Lending Act by issuing loans to the military with interest rates that “frequently exceeded” 200%.

The agency also claims that FirstCash failed to disclose all required loan information to borrowers and forced them to waive their rights to sue in violation of the Military Loans Act, which the company is subject to an ordinance on. administrative office eight years old, says CFPB.

“FirstCash is a repeat offender and has cheated on military families over and over again,” CFPB said …

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