#Security finance professional

Security Finance AGREED, i.e., consented, that it engaged in some truly despicable collection conduct such as: Security Finance loan shops provide and collect on high-cost, short-term, secured and unsecured loans, including installment loans offered to consumers. They do business in those states using the names A&A Finance, Apex Finance, Bond Finance, Canyon Finance, Continental Credit, Continental Loans, Friendly Finance, Heritage Credit, Hometown Finance, Key Loan and Finance, Lake Park Finance, Longhorn Finance, Maverick Finance, Merit Finance, Money Tree Finance, Patriot Loan Company, Port City Finance, Security Finance, Sunbelt Credit, Time Finance, and Zia Finance. Security Finance entities own and operate over 900 locations in Alabama, Florida, Georgia, Illinois, Idaho, Indiana, Kentucky, Louisiana, Missouri, New Mexico, Nevada, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.

#Security finance professional

Now, in June 2018, a Consent Order was entered by the Consumer Financial Protection Bureau against Security Group, Inc., Security Finance Corporation of Spartanburg, and Professional Financial Services Corp. As a matter of policy, the company does not point out the whole truth or any of the disadvantages of renewing. Further, Security Finance monitored and enforced the loan renewal practices by (1) giving employees renewal quotas (2) pressuring employees to renew loans (3) threatening employees with termination for failure to renew loans and, (4) training employees to sell renewals by using half-truths, concealment, and outright fraud, including misrepresenting the actual cost and supposed advantages of loan renewal while concealing the disadvantages. We further established that Security Finance employees were instructed to вЂњgang up on the customerвЂќ if the customer refused to renew the loan, and not to take вЂњnoвЂќ for an answer when вЂњsellingвЂќ a loan renewal.

In that case, Security Finance did not tell their customers, they intended to: (1) renew the customer's loans every 60 days (2) interfere with the customer's contractual right to pay off the loan in monthly installments (3) renew the loan in order to prevent payoff (4) prevent the customer from ever paying off the loan (5) prevent loan payoff by methodically increasing the loan balance (6) force the customer to renew the delinquent loan once the customer falls behind. In one case handled by Humphreys Wallace Humphreys, we established Security Finance affiliates engaged in a loan flipping scheme, trapping customers in debt. Security Finance and its affiliates have a track record of trouble with the law.