There is an active class action lawsuit against American First Finance (AFF), filed in 2018 by borrowers who allege that the company violated California law by charging them triple-digit interest rates and failing to disclose lending terms at the time of sale.
The lawsuit alleges that AFF targets borrowers with low credit scores or poor credit history and offers them loans with interest rates as high as 360%. The lawsuit also alleges that AFF fails to disclose important information about the loans, such as the total cost of the loan and the borrower’s right to cancel the loan within three days.
The lawsuit is still pending, and it is unclear how it will be resolved. However, the lawsuit raises serious concerns about AFF’s business practices and its impact on consumers.
If you are considering taking out a loan from AFF, it is important to be aware of the risks involved. You should also do your research and read the fine print carefully before signing any contracts.
Here are some tips for protecting yourself when considering taking out a loan from AFF:
- Get your credit score and report from all three major credit bureaus. This will help you understand your creditworthiness and get the best possible interest rate on a loan.
- Shop around and compare offers from multiple lenders before choosing a loan.
- Read the fine print carefully and make sure you understand all of the terms and conditions of the loan agreement.
- Be aware of the risks involved, such as the possibility of defaulting on the loan and having your property repossessed.
If you have any concerns about AFF, you should consult with an attorney before signing any contracts.
You can also contact the Consumer Financial Protection Bureau (CFPB) to file a complaint against AFF. The CFPB is a federal agency that protects consumers from unfair, deceptive, or abusive practices by financial institutions.
