In finance , a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. In 2017, the CFPB enacted new rules to make payday loans safer for consumers. The final payday rule issued by the CFPB called payday-style loans "unfair and abusive" unless lenders took reasonable steps to make sure potential borrowers could afford to repay the loans as agreed. Some of those required steps have been removed under the new changes.In 2014, ACE was fined $5 million by the Consumer Financial Protection Bureau after finding the company had used harassment and false legal threats to "pressure overdue borrowers into taking out additional loans they could not afford." The company was also forced to refund $5 million.
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