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Payday loan providers settle SC course action lawsuit

Payday loan providers settle SC course action lawsuit

Friday

A $2.5 million settlement happens to be reached within the 2007 class action lawsuit brought by sc borrowers from the state’s payday financing industry.

A $2.5 million settlement happens to be reached within the 2007 course action lawsuit brought by South Carolina borrowers resistant to the state’s payday financing industry.

The sweeping agreement could produce tiny settlement claims — about $100 — for anybody whom took down a short-term, high-interest cash advance with such loan providers as Spartanburg-based Advance America, Check Into Cash of sc and much more than a dozen other people between 2004 and 2009.

Richland County Circuit Judge Casey Manning first must approve the regards to the settlement. A fairness hearing on that matter is scheduled for Sept. 15. The payday financing industry keeps it’s maybe maybe not broken any guidelines, due to the fact legal actions allege.

Payday financing clients when you look at the time that is affected who wish to participate the settlement have actually until Sept. 1 to register a one-page claim application, offered by scpaydayclaimsettlement.net.