Sarah Mirando  |  August 17, 2010

Category: Legal News

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Payday Loan Class Action Settlement
By Mike Holter

Payday LoansSouth Carolina borrowers have won a $2.5 million class action lawsuit settlement against the state’s payday lending industry. If approved, the class action settlement could result in claims of about $100 for anyone who took out a short-term, high-interest payday loan between 2004 and 2009 with such lenders as Advance America, Check Into Cash, and more than a dozen others.

 

The settlement will resolve a 2007 class action lawsuit against 17 South Carolina lenders that accused them of providing payday loans to individuals they knew could not afford to pay them back and spiraling them into debt. Until last year, lenders could extend payday loans for a period of two weeks by exchanging cash for a post-dated check to the lender that include the principal plus interest (for example, an original loan of $300 would then cost $345 with interest). If the borrower could not repay at the end of the period, the loans were often rolled over and the customer would be assessed an additional $45 interest fee. Some borrowers would even have to take out multiple loans to cover their outstanding loans. As a result, many borrowers were trapped in a spiraling cycle of debt.

 

Class members for this class action lawsuit include all South Carolina citizens who entered into a payday loan in South Carolina with any of the following Defendants from August 27, 2004 through December 31, 2009:

 

Advance America
Cash Advance Centers of South Carolina, Inc.
Advance America, Cash Advance Centers, Inc.
Carolina Payday Loans, Inc.
Southern Fast Loans of South Carolina, Inc. d/b/a Quick Cash
Check Into Cash of South Carolina, Inc.
Check ’N Go of South Carolina, Inc.
Southern Specialty Finance, Inc.
QC Holdings Cos.
QC Financial Services, Inc.
Local Cash Advance of SC, LLC
Local Cash Advance of South Carolina III, LLC
Local Cash Advance of South Carolina II, LLC
Local Cash Advance of SC IV, LLC
Express Check Advance of South Carolina, LLC
Check Advance, Inc.
Crusader Cash Advance of South Carolina, LLC d/b/a Crusader Cash Advance

 

The class action lawsuit settlement provides the following benefits to four types of class members, which are outlined in the class action settlement notice. Depending on which class you fall in, you can have all of your delinquent debt you owe on the payday loans 100% forgiven, 75% forgiven, or given the opportunity to participate in an Extended Payment Plan. You may also submit a claim for up to $100.

 

All claim forms must be postmarked no later than September 1, 2010. You have until August 27, 2010 to opt out of the class action settlement. A fairness hearing will be held on September 15, 2010. For more information, including a downloadable claim form, visit scpaydayclaimsettlement.net.

 

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Updated August 17th, 2010

 

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25 thoughts onPayday Loan Class Action Settlement

  1. Lisa Payne says:

    Add me please

    1. Troy Hall says:

      I just got approved for this loan but haven’t received it yet because I won’t give them my User ID and password.

  2. Sadie Brockington says:

    I filled out the necessary paper. I haven’t heard anything . Who do I need to contact? The class members of South Carolina have the right to know the status of the settlement. Are their a clerk of court, Lawyer or anyone can contact me by mail or e-mail.
    09/18/2014

    Sadie Brockington

  3. Agustin says:

    Payday loans must be used for emergencies only and, just as the name suggests, you
    should attempt your best to never keep any pay day loan longer than one
    pay period. The absolute worst thing you could do is usually to switch banks and allow the lenders to overdraw your account.
    The denominator represents the quantity of days every year, which
    data is established by what accrual basis the bank is using on your loan.

  4. Brockimgton, Sadie says:

    Anonymous l have fill out my paper work and have not heard from anyone. This were 2009, it’s five years later. I hope this not where consumers bam – boozled out of their settlement. The website is not up to date please somesome need to contact class action members or send their portion of settlement.
    03/21/2014

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