Feds drop action against payday lenders with local ties

The Consumer Financial Protection Bureau pulled a legal action filed last year against four payday loan companies with ties to Kansas.

The federal agency dismissed a case filed in April against Golden Valley Lending Inc., Silver Cloud Financial Inc., Mountain Summit Financial Inc. and Majestic Lake Financial Inc. That action claimed that the companies charged interest rates of between 440 percent and 950 percent, stating that a typical $800 loan required total payments of $3,320 over a 10-month period.

https://www.bizjournals.com/kansascity/news/2018/01/22/feds-drop-action-against-payday-lenders-with-local.html