Herrera Sues Storefront ‘Payday Lenders’ for Prohibited Company Techniques, Deceptive Advertising

Herrera Sues Storefront ‘Payday Lenders’ for Prohibited Company Techniques, Deceptive Advertising

Illegal Lending Schemes by Check ‘n Go, cash Mart Target Low-Income Borrowers With Interest Exceeding 400 Percent APR

SAN FRANCISCO BAY AREA (April 26, 2007) — City Attorney Dennis Herrera today filed suit against storefront financing institutions Check ‘n Go and cash Mart, as well as their online affiliates as well as an associated bank that is out-of-state for illegal, unjust and fraudulent company methods stemming from their advertising of short-term installment loans at illegal rates of interest to low-income borrowers. The lawsuit names Wilmington, Del. -based First Bank of Delaware (OTC: FBOD) as a defendant for aiding and abetting the storefront institutions’ illicit lending schemes in addition to Check ‘n Go, Money Mart and its affiliates. Pokračovat ve čtení „Herrera Sues Storefront ‘Payday Lenders’ for Prohibited Company Techniques, Deceptive Advertising“