For example, one servicemember in Virginia got stuck with 96% APR for an auto repair and couldn’t get EasyPay to fix the rate. The complaints indicate that EasyPay Finance and TAB Bank may be violating or evading the Military Lending Act, a law that limits the annual interest rate on loans to military servicemembers and their dependents to no higher than 36%. “At 100% to 189% APR, TAB Bank and EasyPay Finance’s loans evade state interest rate laws and harm members of the military community.” Kantwill, executive director of The Rule of Law Institute at Loyola University Chicago School of Law. “The men and women who have served our country deserve better than predatory loans,” said Paul E. One Virginia military consumer complained about “illegal” 119% interest that appeared to be far above Virginia’s legal rate. It’s outrageous that after all the work we’ve done to protect our military families, they continue to be preyed upon by lenders-especially when they’re at their most vulnerable-needing money for car repairs, to furnish their homes after a military-mandated moves or to make ends meet during a deployment.”īecause banks are exempt from state interest rate caps, TAB Bank helps disguise EasyPay Finance loans as “bank loans,” enabling it to charge exorbitant rates in states that prohibit them. ”Military families make tremendous sacrifices for our country every day. “The fact that predatory lenders continue to target military families is unacceptable,” said Besa Pinchotti, CEO of the National Military Family Association. For example, EasyPay Finance is available at numerous auto repair locations and furniture stores that offer EasyPay loans near a military base. WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day.ĮasyPay Finance, which charges up to 189% APR, is popping up as a financing option at furniture stores, auto repair shops, pet stores and other retail outlets everywhere – including at shops near military bases where the loans are more likely to affect servicemembers. Military servicemembers, veterans, and their families report outrageously high interest rates and deceptive lending practices TAB Bank and EasyPay Finance’s Predatory Loans Harm Veterans and Servicemembers ( ) Center for Responsible Lending, Matthew Kravitz ( ) Jones eventually came to oversee almost every aspect of the company since inception, rapidly ascending positions to Director of Operations, Vice President of Operations, then to President, and now settling into her role as CEO.National Consumer Law Center, Stephen Rouzer ( ) Consumer Federation of America, Rachel Gittleman ( ) Americans for Financial Reform Education Fund, William Pierre-Louis, Jr. Originally joining EasyPay as Operations Manager over fifteen years ago, Mrs. Jones's leadership skills and knowledge would lead her to rise quickly within the organization. From the beginning, it was clear that Mrs. After starting her career in financial services for Travelers Investment Corporation as a collector, Mary was quickly recruited to work for EasyPay Finance's parent company Duvera Billing Services, LLC. Jones's career serves as a bastion for those who believe hard work, dedication, and passion for one's career can imbue success. Jones said.Īs one of the longest tenured employees at EasyPay Finance, Mrs. I look forward to continue working with our team as EasyPay continues its path towards success," Mrs. Our commitment to providing point-of-sale financing to the ever growing number of Americans in need of help with payment options is what EasyPay is all about. "It is truly an exciting time to be at EasyPay. We know that she has the experience, skills, and vision to continue helping EasyPay grow, as it has been proven time and time again." She has been with us for over 15 years in a leadership capacity, and has been a critical player in the success of EasyPay.
"With the growth track that we are on as a company, moving Mary into his new role was an obvious solution to meet our needs. Jones's latest accomplishment of reaching the position of CEO in the predominantly male dominated industries of finance and automotive services speaks to her determination, insightfulness, and instincts as a leader," said Mr.
Scott Vertrees, EasyPay's CEO since 2003, will continue with the Company as Executive Chairman. Jones will oversee day-to-day operations of EasyPay's national enterprise, strategic initiatives, and executive responsibilities. CARLSBAD, Calif., Ma/PRNewswire/ - EasyPay Finance, a national provider of customer financing for auto repair dealers and retail stores, today announced the promotion of Mary Jones to CEO.
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