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Herrera begins 3-month push to refund $7.5 million to borrowers from payday loan providers

Herrera begins 3-month push to refund $7.5 million to borrowers from payday loan providers

Settlement with Money Mart/Loan Mart calls for restitution to clients statewide over fraudulent financing, advertising methods

City Attorney Dennis Herrera today established a three-month statewide effort that is outreach refund as much as $7.5 million to Ca customers whom obtained short-term installment loans from Money Mart and Loan Mart, and oversized pay day loans from cash Mart and Loan Mart. Borrowers whom received such loans as an outcome of this storefront loan provider’s predatory schemes throughout that time could be qualified to receive payment on most associated with interest, costs and finance costs they paid in quantities which range from $20 to $1,800 .