Excessive Interest Rate
Santander Consumer Auto Loan Excessive Interest Arkansas Class Action
The Arkansas Constitution imposes an interest rate cap of 17%. The complaint for this class action alleges that Santander Consumer USA, Inc. violates this basic provision, and the Arkansas Deceptive Trade Practices Act (ADTP), with its interest charges in the financing agreement for the purchase of a vehicle. Read more
BlueChip Financial “Rent-a-Tribe” Scheme Connecticut Class Action
This class action takes on the payday lending entity BlueChip Financial, which does business as Spotloan. However, it also brings suit against officials of the Turtle Mountain Band of Chippewa Indians, which purportedly owns BlueChip, for acting as a front for Spotloan. Read more
Big Picture Loans “Rent-a-Tribe” Payday Lender Usury and RICO Class Action
This is yet another class action taking on a “rent-a-tribe” payday loan scheme. Big Picture Loans, LLC was not actually a tribal company, the complaint for this class action alleges, but a scheme designed to get around licensing requirements and laws that prohibit lenders from charging too much interest. (Note that this case was transferred Read more
Great Plains “Tribal Sovereignty” High-Interest-Rate Loans RICO Class Action
This is the fourth complaint these same plaintiffs have filed for this “rent-a-tribe” usury scheme, each time against a different group of defendants. This time, defendants are Mark Curry, Brian McGowan, Eric Lau, and Sentinel Resources, LLC. The class action claims they have violated Racketeer Influenced and Corrupt Organizations (RICO) laws as well as Virginia’s Read more
Mariner Finance Refinancing and Insurance Charges Maryland Settlement
This settlement resolves a class action against Mariner Finance, LLC. The complaint alleged that Mariner charged customers refinancing charges but did not include those with the simply interest rate in the promissory notes, possibly because the interest rates might then higher than allowed by Maryland laws. It also claimed that Mariner retained a portion of Read more
Speedy Cash Deceptive Presentation of Loan Contract California Class Action
States have usury laws that prevent lenders from setting outrageous terms that hard-pressed customers will never be able to fulfill. But these laws don’t always apply to short-term loans. The complaint for this class actions cites one company, Speedy Cash, that allegedly charges interest rates, fees, and penalties so high that borrowers can never repay Read more