Online Payday Loan Company Reaches Settlement

Payday lender settles suit

An online payday loan company must pay all of its Wisconsin customers $329 and forgive all of their loans after a class-action lawsuit was settled out of court. Tremont Financial LLC denies any wrongdoing.

The company also is prohibited from issuing any further loans in the sate of Wisconsin. The settlement applies to 137 customers and will cost $60,000.

Details, details

The conflict dates back to 2004 and applies to loans given that year up until Dec. 2007. News reports say the online payday loan company was sued because it violated the Wisconsin Consumer Act.

I searched everywhere I can think of to find out what exactly the payday lender did, but I couldn’t find any details.

Advance America vs. Georgia

Another payday lender found itself in hot water this week, too. Advance America also settled a class action lawsuit out of court.

Advance American Corporate Headquarters in South Carolina

Accusations came from Georgia customers, but Advance America says it did not violate any laws, and that the decision to settle out of court was purely business.

Big Block

These cases are relatively small compared to the settlement H&R Block had to pay for allegations brought against its payday lending practices. ... click here to read the rest of the article titled "Online Payday Loan Company Reaches Settlement"