From NewsBreak:
The District of Columbia yesterday announced a settlement with online lender Elevate that will refund millions of dollars to consumers. The agreement was reached as a result of Elevate violating interest rate caps in DC — the maximum rate for a loan there is 24%.
In order to get around the rate cap, Elevate partnered with a Utah bank known as FinWise. Utah’s ABC4 has more:
Elevate Credit, Inc. (Elevate) was laundering loans with up 149% APR to D.C. consumers through Utah FinWise Bank to evade DC’s interest rate limits.
For more on news impacting Hendersonville and Sumner County, follow @HvilleNews
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