LDF Lending Companies $37.35M Consumer Loan Settlement

If you obtained a loan from Lendgreen, LendUMo, Zfunds, Makwa Financial, Brightstar Cash, National Small Loan, Bear Claw Lending, Sky Trail Cash, Loan at Last, Nine Torches, Bridge Lending Solutions, Lakeshore Loans, UbiCash, Cash Aisle, MitigCapital, Avail Blue, Evergreen Services, Blue River Lending, Quick Help Loans (Greenline), or Radiant Cash, you may be eligible to claim loan forgiveness and a cash payment from a class action settlement.

The LDF Lending Companies have agreed to pay $37,350,000 to settle a class action lawsuit for alleged violations of state and federal lending laws, including charging interest rates higher than permitted by state law and operating without proper licensing.

Who are the class members?

To be part of the settlement class, you must have obtained a loan from any of the LDF Lending Companies between July 24, 2016, and October 1, 2023. Class members are automatically included unless they choose to exclude themselves.

• You must have taken out a loan from one of the specified companies during the relevant period.
• If you received a notice, it indicates you are likely a class member.

How much can class members get?

Class members are eligible for debt cancellation and a share of the $37.35 million fund. The amount each member receives will depend on the principal paid and interest paid above state legal limits.

• Debt Cancellation: Any outstanding balance on covered loans will be canceled.
• Cash Payments: Payments will be distributed based on state laws and amounts paid on the loans. The exact amount will depend on the settlement fund and the number of claims.

Debt Cancellation

Any covered loan that still has an outstanding balance will be canceled, resulting in approximately $1.4 billion in canceled debt across all class members.

Cash Payments

The cash payments will be calculated based on what class members paid in principal and/or what was paid in interest above respective state’s legal limits. Payments are based on the laws of each state of residence at the time covered loans were originated.

You will not receive a cash payment but will receive the other benefits if you:

• Did not make any payments on your loan with the LDF Lending Companies.
• Lived in states like Arizona, Colorado, Connecticut, Idaho, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, South Dakota, Vermont, and Virginia, and did not make payments above the principal of your loan.
• Lived in states like Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Iowa, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Washington, Washington D.C., or Wyoming, and did not pay interest above your state’s legal limits.
• Lived in Utah or Nevada, which have no interest rate restrictions.

No action required to receive compensation

Class members do not need to take any action to receive their benefits. The Settlement Administrator will automatically process the debt cancellation and cash payments.

Important dates

• Final Fairness Hearing: December 13, 2024

When is the Fitzgerald v. Wildcat payout date?

The payout date will be determined after the final approval hearing on December 13, 2024.

Why is there a class action settlement?

The lawsuit was filed because the LDF Lending Companies allegedly issued loans with interest rates exceeding state limits and without proper licensing. The settlement resolves these claims without admitting wrongdoing.

What happens next?

The court will hold a final fairness hearing on December 13, 2024, to decide whether to approve the settlement. If approved, the benefits will be distributed automatically.