NC Advance America Settlement

Payments are being made in the Kucan v. Advance America class action lawsuit.  This is case no. 04-CVS-2860 of the Superior Court of New Hanover County, in Wilmington, North Carolina.  This lawsuit revolved around claims that Advance America charged illegal fees and interests rates on payday loans, including payday loans with annual interest rates allegedly higher than 450 percent, purportedly in violation of state payday loan laws.  The final distribution of payments in this case should occur during the second quarter of 2012.  It is estimated that over 140,000 consumers in North Carolina will be effected by this lawsuit. Class member included anyone whom obtained a payday loan from Advance America or National Cash Advance on or after March 1, 2003.  The cash available for distribution to a particular Class Member will be allocated based on the amount of that Class Member’s fees to the amount of all fees paid by all Class Members.  More information can be obtained at www.ncadvanceamericasettlement.com.