Fargo, ND re re re payment processor pleads accountable to using the services of payday loan providers

Fargo, ND re re re payment processor pleads accountable to using the services of payday loan providers

Intercept Corporation, a independently held firm headquartered in Fargo, ND, has pleaded bad in Philadelphia federal court to running an unlawful cash transmittal company tied to pay day loans that resulted in recentconvictions.

Intercept had been a 3rd party repayment processor which processed electronic funds transfers because of its consumers through the Automated Clearing House (“ACH”) system, an electric re payments system that processed financial deals without needing paper checks.

Among Intercept’s customers had been many company entities providing high-interest-rate “payday loans.”

Pay day loans are effortlessly unlawful much more compared to a dozen states, including Pennsylvania, and tend to be extremely controlled in several other states, such as for example Delaware.

Read moreFargo, ND re re re payment processor pleads accountable to using the services of payday loan providers