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Herrera Sues Storefront ‘Payday Lenders’ for Prohibited Business Methods, Deceptive Advertising

Herrera Sues Storefront ‘Payday Lenders’ for Prohibited Business Methods, Deceptive Advertising

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

BAY AREA (April 26, 2007) — City Attorney Dennis Herrera today filed suit against storefront financing institutions Check ‘n Go and cash Mart, with their online affiliates and an associated bank title loans near me that is out-of-state for unlawful, unjust and fraudulent business techniques stemming from their marketing of short-term installment loans at unlawful interest rates to low-income borrowers. The lawsuit names Wilmington, Del. -based very first Bank of Delaware (OTC: FBOD) as being a defendant for aiding and abetting the storefront organizations’ illicit financing schemes in addition to test ‘n Go, cash Mart and its particular affiliates.