By Aubrey Sitler
A Ca check-cashing servicer, title loan, and pay day loan firm, compensated over $900,000 in January to stay allegations of predatory methods. That they steered customers into taking out high-interest loans in a way that curbed legal requirements, in addition to engaging in other illegal practices while they never publicly admitted to any wrongdoing, the settlement came in the face of claims.
Pay day loans in California are capped at $300 per loan, and Ca legislation imposes a maximum interest rate of 15% for almost any payday advances and between 20-30% for any other loans totaling $2,499 or less. Nevertheless, state examiners allege that between 2012 and 2017, the loan that is payday steered borrowers to obtain loans with a minimum of $2,500 in order to prevent those reduced loan and cash advance price caps. Continue reading “California Cash Advance Firm Pays Over $900,000 to be in Lawsuit”