HANFORD – Local Check n ‘Go clients in Kings, Tulare and Fresno counties may be eligible for repayments after the payday lender settles a lawsuit.
The lawsuit, brought by San Francisco City Attorney Dennis Herrera, on behalf of consumers in the state, alleged that Check n ‘Go circumvented California rules and granted installment loans to customers with low interest rates. ‘interest as high as 400%.
Under California law, these loans cannot charge an interest rate greater than 36%.
“The strongest statement we can make against predatory loans in California is to maximize repayment for every borrower who deserves it,” Herrera said in a statement. “We intend to work tirelessly … to educate consumers about their rights and identify as many claimants as possible. [These efforts] should send a strong message to financial institutions about the need to follow legal lending practices in California. “
Officials at Check n ‘Go, which has a location in Hanford, could not be reached immediately for comment.
Check n ‘Go also has six branches in Fresno and one in Reedley, Visalia and Tulare.
The company did not admit any wrongdoing, but agreed to pay $ 4.3 million in restitution. Refunds for eligible applicants could range from $ 20 to $ 4,600, according to a press release from Herrera’s office.
To be eligible, borrowers must mail a claim form with the required ID, postmarked by March 28.
For more information, local residents can visit www.caloanrefund.org or dial 1-855-581-2350.