Borrowers At Penn. Payday Lender Get Refund

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Consumers who participated in an "instant cash rebate" offer from a payday lender in the Keystone State are being urged by the Pennsylvania Department of Banking to apply for reimbursement by Dec. 21.

To get the "instant cash rebate" from the Ace Pays website, consumers had to sign up for a one-year membership at a cost of $50 to $1,000 per year, with the instant-rebate in the same amount. Those who accepted the offer were then charged a daily fee that was deducted from the deposit accounts that was the equivalent of an APR of 630%.

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