Prohibited Lending Schemes by Check вЂn Go, money Mart Target Low-Income Borrowers With Interest Exceeding 400 Percent APR
BAY AREA (April 26, 2007) вЂ” City Attorney Dennis Herrera today filed suit against storefront funding institutions Check вЂn Go and cash Mart, with their online affiliates plus an associated out-of-state bank, for illegal, unjust and fraudulent business practices stemming from their marketing of short-term installment loans at unlawful interest rates to low-income borrowers. The lawsuit names Wilmington, Del. -based First Bank of Delaware (OTC: FBOD) as a defendant for aiding payday loans in Delaware and abetting the storefront organizationsвЂ™ illicit financing schemes in addition to test вЂn Go, cash Mart and its own affiliates.
Check вЂn Go and cash Mart are licensed deposit that is deferred providers, providing вЂњpayday loansвЂќ in which a debtor provides financial institution a post-dated check in modification for money.Read More›