Pennsylvania AG settles $11.4 million on allegedly predatory loan program targeting low-income retail buyers

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Register Pennsylvania AG Michelle Henry has reached an agreement with Snap Finance LLC and its subsidiaries to resolve allegations that the loan company violated various state consumer protection laws by providing predatory and deceptive loans to low income individuals. income financing large retail purchases. According to the AG, Snap Finance marketed its loans as having short repayment periods, but effectively locked consumers into long-term, high-interest loans that in some cases charged equivalent rental fees at 152% APR interest. The lender also allegedly misled consumers about the bases of the contracts they entered into and engaged in deceptive collection practices. Under the terms of the settlement, Snap Finance will pay $11.4 million, including $7.3 million for consumer restitution and $3.15 million for consumer debt relief, as well as $200,000 civil penalty dollars.

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