Comment on New York settles with Kansas City high-interest loan operator

New York settles with Kansas City high-interest loan operator

A kingfish in the Kansas City high-interest loan industry will stop trying to collect on illegal, high-interest loans made over years to thousands of poor New Yorkers, under a settlement announced Monday by the state Department of Financial Services.But, there will be no refunds for people who already made payments for years to either of the two Kansas-based companies — Total Account Recovery and E-Finance Call Center Support.Both firms are part of the so-called "payday loan" industry, which lends cash at exorbitant short-term interest rates that are illegal under usury laws in New York and other states

 

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