DriverLoan $1 Million CFPB Victim’s Relief Fund

If you deposited money with Driver Loan between June 1, 2020, and June 1, 2021, you may have a check coming in the mail from a CFBP relief fund.

Driver Loan, LLC has agreed to pay $1,000,000 to settle a class action lawsuit for alleged deceptive practices regarding deposit products and misrepresentation of loan interest rates.

The lawsuit was filed by the Consumer Financial Protection Bureau (CFPB), which accused Driver Loan and its CEO, Angelo Jose Sarjeant, of violating federal law by misleading consumers about the risks of their deposit products and the actual interest rates on loans offered to consumers.

Who is eligible to receive a check?

• Individuals who deposited money with Driver Loan
• Deposits made between June 1, 2020, and June 1, 2021

The first round of checks will be issued starting January 28, 2025.

How much is the settlement payout?

• Refunds: Class members will receive refunds of their deposits plus any interest due under the previously advertised DriverLoan terms.
• Amounts: The exact amount each class member will receive depends on the amount deposited with DriverLoan.

How do I claim my payment?

Settlement checks start going out to victims on January 28, 2025.

Class members that need to provide updated address information or that do not receive a check must do the following to receive a payout:

• Submit their mailing address through the online claim form or by downloading the PDF claim form and emailing or mailing it to the settlement administrator.
• Settlement Administrator's mailing address: CFPB v Driver Loan, P.O. Box 2849, Portland, OR 97208-2849.
• Settlement Administrator's email address: info@cfpb-DriverLoan.org

Is supporting documentation required?

Yes, claimants submitting the Address Form are required to provide proof:

• A copy of a government-issued ID
• At least one document proving business with Driver Loan
• Email from Driver Loan
• Loan document
• Proof of payment or bank statement showing the Driver Loan name
• Driver Loan invoice

Claim instructions

1. Fill out the claim form online or download the PDF form.
2. Provide a copy of a government-issued ID
3. Attach at least one of the required Driver Loan documents
4. Submit the form online, email the completed form to the settlement administrator email address, or mail it to the provided address by February 28, 2025

Payout options

A check will be mailed to each valid claimant.

$1 Million Settlement fund

The settlement fund of $1,000,000 will cover the refunds to class members and any associated costs.

• Payments to class members
• Settlement administration costs

Important dates

Deadline to submit the Address Form: February 28, 2025

When is the Driver Loan Settlement payout date?

Checks will start mailing January 28, 2025. Claimants that submit an Address Form will be mailed checks after claim processing is complete.