Spotloan Loans Excessive Interest Rate Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

BlueChip Financial, ZestFinance, Inc., and Douglas Merrill are settling class actions involving loans made by BlueChip, which does business as Spotloan. The complaint alleged that the loans were made (a) at interest rates greater than those permitted by state laws, or (b) by lenders who did not have a license to lend, and that the loans were therefore illegal, deceptive, or unfair and violated state and federal laws.

Docket Number:

Company: BlueChip Financial

Filing Deadline: January 1, 2100

Class Period: January 1, 2012 to October 31, 2018

Objection Deadline: May 26, 2020

Exclusion Deadline: May 26, 2020

Final Approval Hearing: June 30, 2020

Proof of Purchase:

If you received a notice in the mail, you do not need to file a complaint. Presumably company records are being used for verification.

Eligibility:

You may be eligible if you got a loan from Spotloan between January 1, 2012 and October 31, 2018.

Typical Settlement Amount:

Varies. (1) Loan Forgiveness and Credit Report Removal: Loans made during the class period that were owned by BlueChip as of December 31, 2019 will be adjusted to a zero balance; BlueChip has agreed to request that consumer reporting agencies delete these loans if any payment was previously reported as not being paid on time. (2) Refunds: Amounts of refunds, if any, will depend on your state’s laws, whether you repaid the principal of the loan, and the amount you paid on the loan. Note that you will not get a full refund but a proportionate share of the $18.5 million fund.

You will not receive a cash refund if you are in any of these groups:,

Tier 1: Lived in AZ, AR, CO, CT, ID, IL, IN, KS, KY, MA, MN, MT, NH, NJ, NM, NY, NC, PA, OH, SD, VT, VA, WI and did not make payments above the principal amount (the amount you borrowed).

Tier 2: Lived in AL, AK, CA, DE, FL, GA, HI, IA, LA, ME, MD, MI, MS, MO, NE, ND, OK, OR, RI, SC, TN, TX, WA, WV, WY, or Washington, DC and did not pay interest above your state’s legal limits for the loan. (See the limits for these states at https://www.bcfsettlement.com/pdf/TIER%202%20USURY%20RATES%20BY%20STATE.pdf.)

Tier 3: Lived in UT or NV.

Total Settlement Amount: $18,500,000 for refunds

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Berger & Montague
Consumer Litigation Associates PC
Gupta Wessler PLLC
Kelly Guzzo PLC
Terrell Marshall Daudt & Willie PLLC

Claim Form: Spotloan Loans Excessive Interest Rate Settlement Cash Award Eligibility

Case Name: Turner, et al. v. ZestFinance, Inc., et al.

Settlement Website: Spotloan Loans Excessive Interest Rate Settlement Website

Claims Administrator:
RSM US LLP

Claims Administrator Contact Information:

Spotloan Settlement
c/o RSM US LLP
PO Box 1367
Blue Bell, PA 19422
questions@BCFSettlement.com
1 (833) 535-0557

Tags: Excessive Interest Rate, Predatory Lending, Tribal Sovereignty Issue