MoneyMutual to Settle Payday Loan in California for $ 2 Million

By Dean Seal (Jan. 27, 2020, 3:57 p.m. EST) – Payday lender MoneyMutual LLC has agreed not to pay more than $ 2 million to resolve nearly seven years of civil litigation over allegations he illegally promoted loans from unlicensed lenders in California borrowers.

The deal presented to a California federal judge for preliminary approval on Friday would pay $ 675,000 to a subcategory of Golden State borrowers who not only received loans from illegal lenders, but also repaid money to those lenders. lenders.

This subclass, estimated at around 17,000 members, is a far cry from the estimated 560,000 members of the certified class in February 2016, which included all Californians …

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