SAN FRANCISCO (KCBS)— San Francisco City Attorney Dennis Herrera announced a settlement with a major payday lender affecting thousands of consumers on Thursday. At an 11 a.m. City Hall news conference, Herrera said the settlement includes $4.3 million in refunds for consumers of check cashing sites including Check ‘n Go.
“Refunds are expected to range from a minimum of $20 to more than $4,600 per valid claim,” Herrera said.
In addition to Checkngo.com other payday lender websites involved in the settlement include; fbdel.com and commandloans.com.
According to Herrera, Check ‘n Go preyed on the most vulnerable, people living paycheck to paycheck, by skirting the state’s maximum interest rate of 36 percent. Some rates went as high as 400 percent.