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Santa Fe Judge Orders High Interest Lender to Pay Restitution to Borrowers

Score another one for the little guy. Payday loans prey on people during weak and vulnerable times charging exuberant interest rates. In my Waco bankruptcy firm, I see people every week struggling to get out from under payday loans that quite frankly they have already paid back and more. If you think it couldn't happen to you, just think about this alarming fact: almost half of Americans live paycheck to paycheck with little to no savings. If you have an emergency and family and friends can't help you, what do you do? District Judge Michael Vigil is holding FastBucks Holding Corp. responsible by enjoining them from offering certain high-interest installment loans that he believes were used to circumvent 2007 New Mexico regulations passed regarding payday loans designed to protect borrowers. Furthermore, he ordered restitution in the form of making FastBucks pay back the difference between the original loan amount and the amount actually paid back by borrowers minus any deficiencies incurred on individual loans. Virgil wrote, "[The Defendants] took advantage of borrowers' lack of knowledge, ability, experience or capacity to a grossly unfair degree by deliberately steering borrowers into loans that subjected them to higher interest rates that kept them locked into recurring cycles of debt." FastBucks attorney states that the company plans to appeal the decision. Are you struggling with debt? Explore your options with experienced staff. Call 254-633-2876 or email us at [email protected] today for a FREE, no-obligation consultation. Let my family help yours!

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