The owner of two online payday loan businesses that charged interest rates ranging from 89% to 169%, plus fees, will no longer be doing business in Pennsylvania.
According to the state's Department Banking and Securities in Harrisburg, Pa., the Anaheim, Calif.-based companies were not licensed by the state and made loans to more than 18,000 consumers for more than seven years.
Those consumers are now eligible to receive restitution for being charged excessively high interest rates on loans that ranged from several hundred to several thousand dollars, said Ed Novak, spokesperson for the Pennsylvania Department of Banking and Securities.
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