NetCredit has been the subject of several lawsuits in recent years, alleging various forms of misconduct, including:
- Predatory lending: Plaintiffs have alleged that NetCredit has engaged in predatory lending practices, such as charging excessive interest rates and fees.
- Unfair and deceptive trade practices: Plaintiffs have alleged that NetCredit has engaged in unfair and deceptive trade practices, such as misleading borrowers about the terms and conditions of their loans.
- Violation of state and federal consumer protection laws: Plaintiffs have alleged that NetCredit has violated state and federal consumer protection laws.
In one notable case, the Virginia Attorney General filed a lawsuit against NetCredit in 2018, alleging that the company had engaged in predatory lending practices and violated Virginia consumer protection laws. The lawsuit alleged that NetCredit had charged borrowers excessive interest rates and fees, and that it had misled borrowers about the terms and conditions of their loans.
The Virginia Attorney General reached a settlement with NetCredit in 2019, in which NetCredit agreed to pay $1.2 million in restitution to Virginia borrowers and to change its lending practices.
In another case, a group of borrowers filed a class-action lawsuit against NetCredit in 2023, alleging that the company had violated the Fair Credit Reporting Act (FCRA) by failing to properly investigate borrowers’ credit histories before approving loans.
The class-action lawsuit is still ongoing.
NetCredit has denied any wrongdoing in all of the lawsuits that have been filed against it.
The recent lawsuits against NetCredit have raised concerns about the company’s lending practices and its commitment to consumer protection. Some consumer advocates have called for stricter regulation of the online lending industry.
If you have taken out a loan from NetCredit and you believe that you have been harmed by the company’s lending practices, you may want to consider contacting a lawyer to discuss your legal options.
Here are some specific examples of NetCredit lawsuits:
- A borrower in Virginia alleged that NetCredit had charged her an interest rate of 155%, which is more than double the legal limit in Virginia.
- A borrower in Florida alleged that NetCredit had misled her about the terms and conditions of her loan, and that she was unable to afford the monthly payments.
- A borrower in California alleged that NetCredit had charged her excessive fees, and that the fees were not disclosed in the loan agreement.
If you have been affected by a NetCredit loan, you may be able to file a lawsuit to recover compensation for your damages.
