Lendmark Financial Class Action Lawsuit
Lendmark Financial Services is a subprime lender that provides loans to borrowers with poor credit. The company has been sued numerous times, including a class action lawsuit filed in 2020 alleging that the company engaged in predatory lending practices.
The class action lawsuit alleged that Lendmark targeted borrowers with low incomes and poor credit, and then charged them exorbitant interest rates and fees. The lawsuit also alleged that Lendmark used deceptive practices to lure borrowers into taking out loans, and that the company failed to properly disclose the terms and conditions of the loans.
Lendmark denied the allegations in the lawsuit, but the company eventually agreed to settle the case for $50 million in 2022. The settlement provided compensation to borrowers who were allegedly victims of Lendmark’s predatory lending practices.
The Lendmark Financial class action lawsuit is a reminder of the importance of being aware of the risks of borrowing money from subprime lenders. Subprime lenders often charge high interest rates and fees, and their loans may have hidden terms and conditions. If you are considering taking out a loan from a subprime lender, it is important to carefully read and understand the terms of the loan before signing any paperwork.
Here are some tips for protecting yourself from predatory lending practices:
- Be wary of lenders who offer you a loan without checking your credit history.
- Ask about the interest rate and fees associated with the loan before you sign any paperwork.
- Be sure to understand all of the terms and conditions of the loan before you sign.
- Don’t be afraid to walk away from a loan if you don’t feel comfortable with the terms.
If you have been a victim of predatory lending, you should contact a consumer protection attorney to discuss your legal options.
