Lots of people who need help smoothing away erratic cash flows look to payday advances.

Lots of people who need help smoothing away erratic cash flows look to payday advances.

The state investment commission announced at its monthly meeting that it had finalized divestiture from JLL Partners, the private equity firm that purchased Ace Cash Express on January 27, 2016, almost 10 months after the NJCA’s initial inquiry. Ace had earlier been fined $5 million and ordered to settle borrowers another $5 million because of the customer Financial Protection Bureau (CFPB), which found Ace’s lending and collection techniques to be predatory.

“Yes, yes, yes,” stated Salowe-Kaye, whenever inquired about the CFPB’s findings and ruling that is subsequent Ace, “That’s why they payday lenders are illegal in New Jersey.”

“We are not delighted she added that it took until January. “We will have liked to own seen this happen sooner.”

The reverends Dr. DeForest Soaries and Errol Cooper from First Baptist Church of Lincoln Gardens, and Reva Foster, chair of the New Jersey Black Issues Conference among those who assisted in the push for the commission’s divestment were Bruce Davis, economic chair for the NAACP state chapter. Continue reading “Lots of people who need help smoothing away erratic cash flows look to payday advances.”