Consumer Online Loans Settlement: $37.35M
Borrowers May Receive Loan Forgiveness and Cash Payments
Did you take out a loan from Lendgreen, LendUMo, or other specified lenders between July 24, 2016, and October 1, 2023? You may be eligible for loan forgiveness and a cash payment from a class action settlement.
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Claim Form
Click Here to Submit a ClaimWho's eligible?
The settlement includes anyone who obtained a loan from any of the following LDF Lending Companies between July 24, 2016, and October 1, 2023:
- Lendgreen
- LendUMo
- Zfunds
- Makwa Financial
- Brightstar Cash
- National Small Loan
- Bear Claw Lending
- Sky Trail Cash
- Loan at Last
- Nine Torches
- Bridge Lending Solutions
- Lakeshore Loans
- UbiCash
- Cash Aisle
- MitigCapital
- Avail Blue
- Evergreen Services
- Blue River Lending
- Quick Help Loans (Greenline)
- Radiant Cash
Proof of Purchase
N/A
Settlement At a Glance
Settlement Amount
Varies
Claim Form Deadline
10/29/2024
Exclusion Deadline (Opt-Out)
10/29/2024
Final Approval Hearing
12/13/2024
Additional Information
A class action lawsuit against several online lenders, collectively known as the LDF Lending Companies, has been settled. The lawsuit alleged that these lenders charged excessive interest rates and operated without proper licensing, making their loans illegal, deceptive, or unfair. The defendants denied these allegations but agreed to settle to avoid further litigation.
The settlement results in the cancellation of approximately $1.4 billion in outstanding loan debt. Additionally, a $37.35 million fund has been established to provide cash payments to eligible borrowers.
The amount of your cash payment will depend on factors such as the principal and interest you paid, whether those payments exceeded your state's legal limits, and the total funds available in the settlement. You will receive a proportionate share of the recovery, as the settlement funds may not be sufficient to fully compensate everyone for their loan payments.
If you are a member of the settlement class, you will automatically receive loan forgiveness for any outstanding loans from the specified lenders. You will also receive a cash payment by mail if you are entitled to one.
The settlement website provides further information about the settlement, including a list of the interest rates used to determine eligibility for cash payments in each state.
Think you might have a case? If you believe you've been affected by a similar situation, browse our list of Class Action Lawsuits and Open Class Action Settlements you may be able to join!
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Legal Representation
Case Name:
Class Counsel:
Andrew J. Guzzo
Casey Nash
Matthew G. Rosendahl
KELLY GUZZO PLC
Defense Counsel:
SPENCER FANE LLP
Andrew Adams III
HOGEN ADAMS PLLC
David N. Anthony
TROUTMAN PEPPER HAMILTON SANDERS LLP
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