Check 'N' Go to Pay Customers $4 Million for Excessive Fees
Payday lender Check 'N' Go is paying millions of dollars to borrowers in the Bay Area and throughout California.
San Francisco city attorney Dennis Herrera announced Check 'n' Go has agreed to settle a lawsuit that accused the company of charging excessive interest and fees.
Herrera says all California residents who applied for Check 'n Go online loans between November 2006 and June 2008 can file a claim for refunds.
"That restitution period will run for 3 months," Herrera says, "December 28 to March 28. And our settlement requires Check 'n Go to commit a total of $4.3 million."
Check 'n Go did not admit to any wrongdoing in the settlement. The company has charged interest rates as high as 400% a year.