Payday lender settles in Wisconsin suit
MADISON — The state Justice Department has settled a lawsuit against an Internet payday lender.
The agency filed a class-action lawsuit against Arrowhead Investments Inc. in 2007, alleging more than half-a-dozen violations of state law. The allegations ranged from not allowing customers to pay down loans in anything other than $50 increments to not including the proper disclosures in customers’ loan agreements.
The settlement calls for Arrowhead to pay $145,000. The Justice Department says that money will cover restitution to as many as 1,300 consumers and legal fees.
All loans to Wisconsin consumers will be forgiven and the company won’t loan any money to Wisconsin residents over the Internet for five years.
Jul 30, 2009 at 8:47 a.m.
Suggest removal
These places should be shut down. People got by without them for years, they are a scab on society.
Before you post a comment, consider this:
Note: GazetteXtra.com does not condone or review every comment. Read more in our User Policy AgreementPost Comment
Commenting requires registration.