DC’s $4 million settlement with predatory online lender will compensate thousands of District consumers

District of Columbia Attorney General Karl Racine today announced that Elevate Credit, Inc., predatory online lender, will pay at least $3.3 million to refund over 2,500 District consumers who were misleadingly marketed high-cost loans and lines of credit, waive over $300,000 in interest owed by those consumers, and pay $450,000 to the District. The company will also be required to stop charging rates above the District’s legal cap of 24% and to cease deceptive and misleading business practices.

The press release, with details and links to the complaint and settlement, is here.

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