North Carolina Stops Florida Lender From Operating In State

May 21, 2019

North Carolina's attorney general has been granted a temporary restraining order to prevent a Florida-based payday lender from doing business in the state.

Credit Approved Financial

A news release from Attorney General Josh Stein's office on Tuesday says a Superior Court judge granted his request to stop Miami-based Approved Financial from soliciting, making or collecting loans in the state.

According to Stein, Approved Financial, which is not licensed to operate in North Carolina, has offered illegal online payday loans at interest rates ranging between 120 to 200 percent, far above limits allowed by state law.

The complaint also says Approved Financial communicates with consumers via email and phone, but has asked borrowers to travel to South Carolina to get their money.

The company didn't immediately respond to an email on Tuesday seeking comment.