Published On: November 29, 2013
Cash America International, Inc., one of the largest payday lenders in the country, to pay $19 Million..
The company agreed to reimburse up to $14 million related to debt collection lawsuits and $5 million penalty for the violations and other misconduct.
November 20, 2013 the Consumer Financial Protection Bureau announced an enforcement action against payday lender Cash America International, Inc., one of the largest short-term, small-dollar lenders in the country. The company has agreed to reimburse up to $14 million to approximately 14,000 people for robo-signing practices related to debt collection lawsuits. The company will also pay a $5 million penalty for the violations and other misconduct.
Problem with a payday loan? Submit a complaint online or by calling (855) 411-2372.
Think about the information you are giving this stranger: all your financial information, your children’s names, bank accounts and your social security number. You do this without the slightest guarantee that the information will be kept safe.
Did you borrow any payday loans in 2008 to 2012? If so you may be eligible for a full refund if you paid money because of a collections lawsuit from January 1, 2008 through October 1, 2012 to any of the following companies:
Ohio Neighborhood Finance, Inc., d/b/a Cashland
Cash America Pawn, Inc. of Ohio
Cashland Financial Services, Inc.
Cash America Net of Ohio, LLC
Ohio Neighborhood Credit Solutions, Inc.
CNU of Ohio, LLC.
If you have not already received your refund from the payday loan lender, or think you received the wrong amount of refund, please contact the company administering the refund no later than May 19, 2014. You can call them at (877) 524-8480.
On their face payday loans and title loans are a quick fix. The problem is that once you take out just one ‘short term’ loan you will be paying on it for years because of the high interest. The average interest rate is 300% to 800%. One or two small loans will balloon to thousands of dollars. If you used a vehicle title loan (or registration loan) you will probably lose your vehicle.
Do some research about these loans and the vermin who make the loans.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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