CA residents may be eligible for payday loan settlement

July 26, 2012 7:31:14 PM PDT
Thousands of California residents could be getting a big check thanks to a payday loan settlement.

It's part of a 2007 lawsuit against Money Mart lenders. The suit claimed the company engaged in predatory lending by charging up to 400 percent interest on loans. Anyone who received a loan from Money Mart between 2005 and 2007 is eligible, but there are only 60 days left to make your claim.

"Under the terms of that settlement, there was a three-month window where individuals across the state of California could file claims and receive up to $1,800 for fees and interest as a result of the payday loans they received from Money Mart," San Francisco City Attorney Dennis Herrera said.

There is also a pending settlement from Check and Go Lenders, but the claims fund for that lawsuit has not yet been established.

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