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Think Finance Loans at High Interest Rates Settlement

Partial settlement of class actions alleging three companies, purportedly owned by Native American Indian tribes, made improper loans or supplied lines of credit in violation of federal and state lending laws. The companies are Great Plains, Plain Green, and MobiLoans. The complaints alleged that several companies, which are together known as Think Finance, provided services  Read more

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MDG Interest on Loans for California Consumer Purchases Class Action

MDG USA, Inc. offers a website on which it sells consumer goods like televisions, computers, furniture, gaming devices, and appliances. It also offers consumers credit so they can buy these items. But the complaint for this class action alleges that MDG sets its interest rates at or above 35%, when the maximum interest rate permitted  Read more

ZocaLoans “Rent-a-Tribe” Predatory Lending Scheme Illinois Class Action

The primary defendant in this class action is Rosebud Lending LZO, doing business as ZocaLoans, which is supposedly an entity of the Rosebud Sioux Tribe that lends money. But the complaint alleges that it is part of a rent-a-tribe scheme, in which predatory lenders 777 Partners, LLC, Tactical Marketing Partners, LLC, and others engage in  Read more

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Itria, Biz2Credit “Future Receivables Purchases” RICO Class Action

This class action involves financing provided to businesses by Itria Ventures, LLC and Biz2Credit, Inc. The complaint alleges that the companies offer “future receivables purchases” rather than loans, but that they renege on terms of the financing, charge usurious interest rates, and engage in racketeering.  Read more

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MaxLend “Rent-a-Tribe” Payday Loans Illinois Class Action

Are lenders allowed to charge nearly 700% in interest? Not under Illinois state laws. But two entities—Makes Cents, Inc. and Uetsa Tsakits, Inc. (UTI)—who make such loans through the website www.MaxLend.com, purport to be owned by the Mandan, Hidatsa, and Ankara Nation, and to therefore be entitled to tribal sovereignty and tribal immunity. The complaint  Read more

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USAA Savings Bank Rates and Fees for Service Members SCRA Class Action

The Servicemembers Civil Relief Act (SCRA) is meant to help make up for some of the financial sacrifices that members of the US armed services make when they go to serve their country. The SCRA’s benefits include a cap on interest rates for service members of 6%. USAA Federal Savings Bank and USAA Savings Bank  Read more

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American First Finance Terms of Loan Not Disclosed California Class Action

American First Finance, Inc. (AFF) has agreements with retail stores that allow it to provide financing for retail purchases. But the complaint for this class action allege that the company is not licensed to provide financing in California and that it makes financing Security Agreements with consumers that do not properly disclose the terms or  Read more

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Speedy Cash Excessive Rate of Interest on Loans California Class Action

States sometimes limit the amount of interest lenders can charge for their loans. The complaint for this class action brings suit against Speedy Cash, alleging the company charges more interest than is permitted under the California Financing Law and for violating other state laws. It claims Speedy is “preying on California consumers with usurious loans  Read more

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Wells Fargo Buydown Settlement

Wells Fargo Bank, NA is paying nearly $7 million to settle a class action related to its Buydown Agreements or Buydown Deposit Agreements. The complaint alleged that Wells Fargo (1) violated the federal Truth in Lending Act (TILA) by improperly disclosing the interest rate that would be in effect during the buydown; (2) used a  Read more

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Big Picture Loans High Interest Rates Settlement

This settlement resolves a class action against Big Picture Loans and Red Rock Tribal Lending, which does business as Castle Payday Loans, and also resolves other cases based in Virginia, California, Oregon, Georgia, and Massachusetts. The complaint alleged that the companies violated state usury laws and the Racketeer Influenced and Corrupt Organizations (RICO) Act, made  Read more

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