Excessive Interest Rate
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
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
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
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
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
Great Plains, Others Excessive Interest Rates on Loans Settlement
This settlement resolves a class action against Kenneth Rees and a number of “payday loan” companies, including Sequoia, TCV, and National Credit Adjusters (NCA), for loans originating with Great Plains Lending, LLC, Plain Green, LLC, and MobiLoans, LLC. The latter three are companies supposedly owned by Indian tribes. This is a second settlement in a Read more
American Web Loan Payday Loan Settlement
This settlement resolves a class action about loans made in the name of American Web Loans (AWL) and other associated companies. The complaint alleged that AWL was not licensed to lend in any state, that it violated federal law by making loans at higher rates than allowed by state laws, did not adequately disclose the Read more
Chase Bank Military Member Credit Card Holders Settlement
JPMorgan Chase Bank, NA is paying $62 million to settle a class action alleging it did not reduce the interest rates on the credit card accounts of service member customers. The complaint alleges that Chase’s behavior violates the Servicemembers Civil Relief Act, the Truth in Lending Act, Delaware’s Consumer Fraud Act, and breach of contract. Read more
Alaska USA Federal Credit Union Auto Loan Markups Class Action
Consumers want to receive the best interest rates available to them. The complaint for this class action, however, alleges that Alaska USA Federal Credit Union (AFCU) and its Board of Directors allow auto dealers to mark up the interest rates on its auto loans. The complaint claims that this violates the Washington Consumer Protection Act Read more
Spotloan Loans Excessive Interest Rate Settlement
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 Read more