A borrower reported eight CashGuard loan products; the SEC found harassment and charges above the cap

One borrower said a loan obtained through CashGuard, Fast Coin Lending Corp.'s online lending app, generated multiple loan accounts covering eight loan products. The borrower accused Fast Coin of using harassment through text messages while collecting loan payments. The case later reached the Securities and Exchange Commission's Financing and Lending Companies Department. According to the public report, the department found Fast Coin liable for violations involving unfair collection practices, rate and fee ceilings, and truth-in-lending disclosure. The regulator found public humiliation, disclosure of personal information and other forms of intimidation during collection. It also found that deductions categorized as management fees, considered together with the actual cash proceeds, produced effective interest rates above the SEC's 15-percent monthly ceiling. The SEC imposed an administrative fine. Where the story stood The public record available to BorrowTalk establishes the regulator's findings and sanction. It does not disclose the amount or status of each loan, whether the borrower received account-level remediation, or whether Fast Coin later responded to or appealed the order.