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South 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.
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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.
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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:
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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
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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.
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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
11/26/2013 I filed a claim form before the expired date and have not heard anything. I think the south carolina claim members should know the status of the settlement.
I sadie brockington file a claim form and haven’t heard from anyone. When will i received my check? Will someone please contact me concerning this matter?
I sadie brockington file a claim form and haven’t heard from anyone. When will i received my check? Will someone please contact me concerning this matter?
I filled out the paperwork and never heard back: if anyone find out any info, please let me know, email me.
I filled out a claim form well before the due date & never heard anything. When I called the number I got no answer. I even send a letter to get a response & nothing. Does anyone have any information about this settlement?
#1Sadie 2013-06-08 I also filled out a claim form. I had payday loans with qf the companies mentiond. I call the pnone number stated in the form. I never could get an answer. What I need to do? Please let me know? Companies are Cash Advance, Check into Cash, Advance America, Cash USA.
Sadie Brockington
I have sent in my paperwork, just ran across the original letter and decided to check on the settlement. What I show found is that the contact # given is not in service and the website is not valid. This is ridiculous. I am going to do my research and get to the bottom of this. They will hear from me again
I kept calling in and the response I gotten was my name is on the list for the settlement and never recieved anything from you, a statement came from Bank of America saying look for my check and I never recieved anything. would like to hear from checking to cash for my settlement.my name used to be rosa mary bynum kornegay dingle, now it is rosa mary bynum
i filled out the paperwork, sent it back and never heard anything back. would like to know more about this payloan selltement.
I sent in my paper work and never heard no more from this. Please someone let me know what’s going on. I sent my papers in before the deadline. Thanks, Donna