Payday Lender Whose Company Violated Laws Says ‘Don’t Compare Us with Lenders Who Break Laws’

QC Holdings CEO at CFPB Hearing: Don’t Compare Us with the Lenders Who Don’t Abide by State Laws!…

Darrin Anderson, CEO of Payday Lender QC Holdings, said at The CFPB’s Payday Lending Hearing That It Was “Unfair to Compare Responsible Lenders Who Abide by Federal, State, And Local Laws with The Criminal Element.” “This drew an exception from Darrin Andersen, president and chief executive of Overland Park-based QC Holdings Inc., which operates the largest payday lending business in Missouri. “It’s simply unfair to compare responsible lenders who abide by federal, state and local laws with the criminal element,” Andersen said, drawing applause. Andersen objected to the new rules that could lead many legitimate small-loan providers out of business. Consumers still would need credit and would be forced to deal with illegal lenders, he said.” [Kansas City Star: “Payday Lenders and Consumer Advocates Battle in Kansas City Over Proposed Loan Rules”, 6/2/16]

…Despite History of QC Holdings Violating State Laws, Including Laws of State CFPB Hearing Was Held In

QC Holdings Settled Cash Action Lawsuit That It Violated Missouri Laws by Renewing Payday Loans Too Many Times and by Charging Exorbitant Rates. “QC also said it recently reached a tentative settlement of a class-action lawsuit alleging that it violated Missouri laws by renewing payday loans too many times and by charging exorbitant rates. QC said it considered the suit, which was filed in Circuit Court of St. Louis County, to be without merit but settled to mitigate costs and management distractions.” [Kansas City Business Journal, 8/4/11]

Quik Cash Settled Arizona Class Action for $170,000 In Restitution for Consumer Fraud. “Quik Cash one of the nation’s largest payday lenders with 550 locations across the country, has agreed to pay up to $170,000 in restitution to consumers who were victims of consumer fraud. Under a settlement agreement, Quik Cash will pay restitution to consumers who had judgment for loans entered against them in the Pima County Justice Court even though they signed up for the loans outside of the county and didn’t live there, Arizona Attorney General Tom Horne said in a statement. After obtaining the judgments, consumers were subject to collection efforts, including garnishment of wages, Horne said. Quik Cash’s actions allegedly deprived consumers of their right to appear in court or to contest judgments and garnishments and in some cases, allowed Quik Cash to collect on debts consumers had already paid, he said.” [Daily Finance, 3/10/11]



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