AMERICANS could receive payments from a major interest rate settlement.
Big Picture Loans, a private lender, is paying out a lot of money following allegations that it charged excessive interest rates.
The company is known for offering thousands of loans to people with bad credit and then charging high interest rates.
These high rates can make the loan very difficult to pay back.
Charges annual percentage rates exceeding 400%, according to Credit Karma.
The website says the company “should be avoided whenever possible.”
Read more about settlements
“Loans are expensive and it can be difficult to get out of debt,” he said.
After allegations that the company’s fees violated several state laws, it now pays millions.
Big Picture denied any wrongdoing but settled to avoid the cost of further litigation.
The company claims that it did not violate laws because it is based on an indigenous reservation, which has its own laws. The company is operated by people not affiliated with any tribe.
Those who received loans under the company’s other names, Castle Payday or Red Rock Tribal Lending, may also qualify for cash.
WHO GETS PAID
People who took out a loan from Big Picture could get varying amounts of money from the $65 million deal.
If you haven’t made any loan payments, you won’t receive any money.
You can only receive money if you paid more than the principal amount of the loan while living in the following states.
- Arizona
- Arkansas
- Colorado
- Connecticut
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Massachusetts
- Minnesota
- Montana
- New Hampshire
- New Jersey
- New Mexico
- new York
- North Caroline
- Pennsylvania
- Ohio
- South Dakota
- Vermont
- Virginia
- Wisconsin
However, in other states, you only qualify if you have paid above your state’s legal interest limit.
These states are:
- Alabama
- Alaska
- California
- Delaware
- Florida
- Georgia
- Hawaii
- Iowa
- Louisiana
- Maine
- Maryland
- Michigan
- Mississippi
- Missouri
- Nebraska
- North Dakota
- Oklahoma
- Oregon
- Rhodes Island
- South Carolina
- Tennessee
- Texas
- washington
- West Virginia
- Washington DC
- Wyoming.
Check with your state government to see what the limit is.
In two states, those who paid the high interest rates are out of luck.
Nevada and Utah have no cap on interest rates.
There is no need to file a claim if you qualify – payments will be made automatically if the settlement is approved.
To cancel the agreement, you must send a request by mail postmarked by August 19th.
More details are available at settlement website.
What is a class action settlement?
Class action lawsuits offer groups of people, or “classes,” a way to come together in court.
These lawsuits are often filed by one or a few people who allege that a company or other entity has harmed a large group of people.
When a lawsuit becomes a class action, it extends to all “class members,” or people who may have similar claims to those who filed the lawsuit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue legal action by accepting money.
These payment agreements often include statements from the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination or false advertising are some examples of what can lead to a class action lawsuit at a company’s door.
MORE MONEY
Class actions are a common consumer protection tool.
Visa and Mastercard are agreeing to $5.6 billion over the two companies’ fees.
In Oregon, a grocery store is paying millions over allegations of high fees.
WinCo will pay $3.3 million for the claims.
Americans Can Claim $4,400 in Data Breach Settlement.
Some may receive $5,000 after medical data leak.
This story originally appeared on The-sun.com read the full story
