Title loan settlement means $ 825,000 for North Carolina consumers

North Carolina Attorney General Josh Stein visits the Wilmington Police Department on May 31, 2018 (Photo: WWAY)

RALEIGH, North Carolina (AP) – A Florida-based lender will pay $ 825,000 while resolving a legal complaint that accused the company of making illegal small loans in North Carolina.

A judge accepted the settlement between Approved Financial Inc. and North Carolina Attorney General Josh Stein.

The company does not admit to having broken the law.

Stein had accused Approved Financial of unlicensed lending, illegal debt collection and unfair and deceptive activity.

Stein has focused on more than 400 online loans with high interest rates and secured by vehicle titles.

Securities lending is prohibited in North Carolina. Stein’s office says some borrowers lost their cars when they were repossessed.

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