California has long been a state that takes regulation very seriously. Their lack of regulation in some sectors has allowed the economy to flourish for many years, while the oversight of certain industries has helped people in the country to be protected rather than get taken advantage of. A class action lawsuit in the state of California has been settled in favor of the people. There is over $7.5 million from some of the largest lenders in the state that is available for California citizens to take advantage of.
Payday Loan Settlement in California
Although the sum of money is fairly small by many standards, the class action lawsuit has set precedence for the payday loan industry that has gone out of control without regulation and oversight. Many people in the state have had a bad time with payday loans because they end up in a cycle of debt or they are tricked into taking money from one lender over another. More importantly, many do not realize that the lenders will increase rates at any time that they choose in an arbitrary manner. It is truly a shame what many companies are doing to the people.
Thankfully, the California court system has said enough to the companies that have been working on the people of California for so long. Instead of giving them a huge settlement, they have only given a slap on the wrist. Nonetheless, it is enough to tell the companies to get their act together or they will face even stiffer punishments later down the line. Hopefully the state will stick to their word and maintain a watchful eye on the loan sharks that prowl the waters.
What to Do with your Payday Loan Settlement
Many people are entitled to a lot of the money from the payday loan settlement that California courts have awarded. This money can be used for a number of things, but first and foremost should be used for getting out of debt. The payday loan interest rates will really be difficult to overcome once you are in debt so use the extra cash infusion for eliminating payday loan debt. There are many things you will need to do in order to change your situation, but it is better than other things that can happen to you. You will be thankful when you spend the money from the California settlement to get out of debt for good. Many people were not a party to this lawsuit in California but thankfully they are able to get these payday loan accounts settled as well. Fill out the form here on this site or call us to find out how you can get your settlement as well.
