Wednesday, July 30, 2014
Inquirer Daily News

Lenders to curb predatory loans for cosmetic surgery

Paramount Capital Group Inc., of West Conshohocken, is among four companies that agreed to stop making predatory medical loans in New York, according to a settlement announced by New York state Attorney General Eric T. Schneiderman.

Paramount and other companies were accused of "financing retail installment obligations at usurious rates of interest, ranging up to 55 percent," the attorney general's office said.

The companies agreed to recast the loans with an interest rate of no more than 16 percent and to provide refunds or credits totaling $230,000.

An official at Paramount, which says on its website that it finances elective cosmetic surgery and dental procedures, did not respond to request for comment.

- Harold Brubaker

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