CA loan company that issued 400% interest loans settles in court

California News

CA loan company that issued 400% interest loans settles in court

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Check n' Go location in California - File Image

SAN FRANCISCO (AP) - Californians charged interest rates of up to 400% by the loan company Check 'n Go could be eligible for refunds after a $4.3 million legal settlement agreement.

San Francisco City Attorney Dennis Herrera told the San Francisco Chronicle (http://bit.ly/ZHv1eC ) that anyone who obtained a loan from the company between November 2006 and June 2008 could qualify for the refunds.

Herrera's office in 2007 sued payday lenders MoneyMart, Loan Mart and Check 'n Go for their unlawful interest rates. More than $8,100 refunds from Money Mart and Loan Mart were doled out earlier this year after a legal settlement.

People have until March 29 to claim a $20-to-$4,675 refund for the latest Check 'n Go settlement.

Information from: San Francisco Chronicle, http://www.sfgate.com

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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