Eastside Lenders engaged in illegal loan activity by providinga loan at interest levels exceeding PA law.in addition, they did referred my account to a collection agency. This was done while they were under a cease and desist order from the PA department of Banking (Docket No. 100186), dated August 23.
The Department ordered them to cease and desist all lending activity, the charging of interest in the amount of 6%, and to collect or attemtp to collect (either directly or indirectly) interest in excess of 6% on any loans made to PA residents since February 1 until such time that they are licensed and pay all costs and fines.
They are also prohibited from filing a negative credit report (either directly or indirectly) on any PA resident who has received a loan since February 1. Also, they have been oredered to REFUND to PA residents that have accepted a loan since February 1, the amount of monies paid on loans in excess of te simple 6% interest per annum. Eastside Lenders has also been assesseda fine of $30,000.
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