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Money Mart “Payday Loan” Class Action Settlement

By Kimberly Mirando

 

Money MartThe San Francisco City Attorney has reached a class action lawsuit settlement with Money Mart (also known as Loan Mart) requiring it to repay California consumers who took out “pay day advance” loans. If you borrowed a pay day advance loan (sometimes called a “Cash ‘til Payday” loan) or an installment loan (sometimes called a “CustomCash” loan) at a Money Mart Store between 2005 and 2007, you may be eligible to receive a cash award from the $7.5 million Money Mart class action lawsuit settlement.

The Money Mart settlement will resolve a class action lawsuit, entitled Dennis Herrera v. Check N’ Go of California, Inc., et al., that alleges Money Mart offered to California consumers CustomCash loans with interest rates that exceeded the limits set by California Law and Cash ‘til Payday loans that did not comport with the California law.

Money Mart denies any wrongdoing, but has agreed to a $7.5 million class action lawsuit settlement to resolve the litigation.

Class Members of the Money Mart/Check N’ Go of California class action settlement include all California consumers who:

1) Borrowed a pay day advance loan (sometimes called a “Cash ‘til Payday” loan) at a Money Mart store between January 2005 and July 2005, or
 
2) borrowed an installment loan (sometimes called a “CustomCash” loan) at a Money Mart store between July 2005 and March 2007.

The amount you are eligible to receive will depend on your particular circumstances and the total amount of repayments sought by all eligible claimants. If you are eligible for a repayment, the amount of your payment would be calculated by taking the full amount of interest, fees or finance charges that you paid on these loans, and subtracting from that amount:

* a deduction of $45 for each two weeks of the loan term during which the outstanding principal balance was more than $255,
* any amount you owe to Money Mart for the loan principal on this or other loans, and
* any amounts you owe to Money Mart in connection with check-cashing transactions.

If the total of the repayment amounts of all eligible claimants is greater than the $7.5 million available for repayment, each eligible claimant’s repayment amount may be reduced proportionately to bring the total of all claims payments to no more than $7.5 million. Persons eligible for repayment amounts of $20 or less will not receive any payment.

The only way to obtain a cash award from the Money Mart pay day advance loan class action settlement is to submit a Claim Form to the Installment Loans Settlement Administrator postmarked no later than October 1, 2012.

Claim Forms and more information on your rights in the Money Mart Pay Day Loan Class Action Lawsuit Settlement can be found at www.gilardi.com/CCandCTPLoans.

 

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Updated September 24th, 2012

 

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7 Comments

  • Anonymous September 25, 2012

    I have taking a payday loan from Money Mart in Oxnard ca in 2012 but don’t know if it’s the same company

  • Anonymous September 25, 2012

    PayDay loan went into my account and took an additional $250.00. It was so long ago I can’t remember the excuse they gave me but I never got my money back and then I was receiving threatening calls from foreigners threatening to come to my job and collect!!!

  • Roy Bowers December 28, 2012

    I have been taking out loans with Money Mart for years and Money Mart actually electronically withdrew funds from my account without authorization. I had Wells Fargo Bank investigating the incident. Please let me know if I qualify. I’m certainly in the Money Marts files and also my Wells Fargo bank statements could prove my statements.

    Thank you…Roy Bowers

  • nelly December 28, 2012

    Never received info on the class action suit. Have taking a lot of loans frkm them

  • maria ramirez January 18, 2013

    I just got a called from Legal Institution from out of the state, I live in California, saying that a Lawsuit is been filed against me for a loan that was taken in 2006, I spoke to someone and I told him that I did not remember about any loans and that I need some documentations showing that it was me that one that requested the loan, he gave me an address that I never lived there. I need help of what to do. They want to pay $500.00 which I don’t have or they will take me to court.
    Can they do this? the person that I spoke to is from West Virginia. What is the status of limitations regarding about collectors, calling you and harrasing you?

    Please I need an advise. Thank you

  • Rene V February 2, 2013

    I have to admit that they came thru and I was surprised. I got a check in the mail yesterday for 442.00, which is all of the fees that they charged for 10 weeks..I’m excited, because I had no clue that I would get all of the 45.00 fees from each two weeks back.

  • Brenda Jones-Douglas February 22, 2013

    I did Payday Loans during this period. I mailed my claim form the end of September 2012 before the October 1, 2012 deadline. Have not heard anything since.

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