It’s a bonanza for Georgia borrowers who did business with Western Sky and Cash Call.
Recall that Montel Williams was their spkesman.
Residents of Georgia who have received loans for Western Sky – Cash Call are entitled to participate in a $40,000,000 settlement the Georgia Attorney General Chris Carr made with the lender.
Oct. 31, 2016 the Georgia Supreme Court specified that out-of-state Internet lenders are subject to Georgia’s Payday Lending Act, which “prohibits a lender from making loans of $3,000 or less unless the lender is licensed to lend in Georgia or under federal law.”
Additionally, Georgia law imposes a maximum interest rate of interest rate on these loans of 10 percent. Western Sky consumated 8,000 loans with Georgia borrowers having typical interest rates from 140 percent to 340 percent APR’s and collected $32+ million in interest and fees from Georgia consumers since 2010.
Western Sky must pay Georgia consumers $23,500,000 in refunds, stop all collection efforts and cancel all outstanding loans!
According to the Office of Attorney General Chris Carr, the settlement requires Western Sky and its affiliates to pay $23.5 million in consumer restitution, to cease all collections and to forgive all outstanding loans, which will provide an additional $17 million in loan relief to Georgia borrowers.
If you’re due a refund, additional details are here: GAWesternSkySettlement.com.