Check ‘n Go Refunds to Be Mailed This Week

August 5, 2013
San Francisco Chronicle 
payday lending news

More than 2,000 Californians will receive checks from payday lender Check ‘n Go after San Francisco City Attorney Dennis Herrera sued the company in 2007 for loaning money at unlawful interest rates. In a following settlement, the Cincinnati-based company agreed to pay at least $2.2 million, and up to $4.3 million, to eligible claimants. Refund checks ranging from $36 to $6,000 will be sent this week to borrowers who proved they paid interest rates of up to 400 percent on loans from Check ‘n Go. The total amount claimed was only $1.7 million, so all claims were inflated slightly to reach the negotiated floor. Although the settlements did not require an admission of wrongdoing, Herrera alleged that Check ‘n Go partnered with an out-of-state bank to charge customers interest rates above California’s interest rate and loan principal restrictions.
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