Money Mart “Payday Loan” Class Action Settlement

Money Mart “Payday Loan” Class Action Settlement

By Kimberly Mirando

Money Mart denies any wrongdoing, but has agreed to a $7.5 million class action lawsuit settlement to resolve the litigation.

Class Members of the Money Mart/Check N’ Go of California class action settlement include all California consumers who:

1) Borrowed a pay day advance loan (sometimes called a “Cash ‘til Payday” loan) at a Money Mart store between January 2005 and July 2005, or
 
2) borrowed an installment loan (sometimes called a “CustomCash” loan) at a Money Mart store between July 2005 and March 2007.

The amount you are eligible to receive will depend on your particular circumstances and the total amount of repayments sought by all eligible claimants. If you are eligible for a repayment, the amount of your payment would be calculated by taking the full amount of interest, fees or finance charges that you paid on these loans, and subtracting from that amount:

* a deduction of $45 for each two weeks of the loan term during which the outstanding principal balance was more than $255,
* any amount you owe to Money Mart for the loan principal on this or other loans, and
* any amounts you owe to Money Mart in connection with check-cashing transactions.

If the total of the repayment amounts of all eligible claimants is greater than the $7.5 million available for repayment, each eligible claimant’s repayment amount may be reduced proportionately to bring the total of all claims payments to no more than $7.5 million. Persons eligible for repayment amounts of $20 or less will not receive any payment.

The only way to obtain a cash award from the Money Mart pay day advance loan class action settlement is to submit a Claim Form to the Installment Loans Settlement Administrator postmarked no later than October 1, 2012.