Title-loan settlement means $825K for North Carolina consumers
RALEIGH, NC (AP) — A Florida-based lender will pay $825,000 while resolving a legal complaint that had accused the firm of making illegal small loans in North Carolina.
A judge agreed to the settlement between Approved Financial Inc. and North Carolina Attorney General Josh Stein.
The company doesn’t admit violating the law.
Stein had accused Approved Financial of unlicensed lending, unlawful debt collection and unfair and deceptive activity.
Stein focused on over 400 online loans with high interest rates and secured by vehicle titles.
Title loans are prohibited in North Carolina. Stein’s office says some borrowers lost their cars when they were repossessed.