Are you a Michigan resident that has taken out a loan with Western Sky Financial LLC and/or CashCall Inc? If so, then you may be entitled to a reimbursement from the Western Sky Financial, CashCall Class Action Lawsuit. According to the lawsuit, Western Sky’s interest rates on its loans ranged between 89% and 169%, far above the 7% interest rate permitted for unlicensed lenders and the 25% interest rate permitted for licensed lenders. The company also charged loan processing fees that exceeded the cap allowed for licensed lenders. Michigan Attorney General Bill Schuette’s Corporate Oversight Division and Michigan Department of Insurance and Financial Services (DIFS) Director Ann Flood have reached a $2.2 million settlement with Western Sky Financial and CashCall.
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Western Sky, CashCall Class Action Lawsuit:
- Western Sky Financial, CashCall Claim Site
- Claim Form Deadline: 9/18/2015. NOTE: If you have not received a notice of the Western Sky settlement and you believe you are eligible for benefits, contact the Claims Administrator at 1-866-336-5756.
- Who’s Eligible: Michigan residents who took out a Western Sky loan may be entitled to benefits.
- Estimated Amount: Varies
- A pro rata portion of the $2.2 million settlement fund. This benefit applies to all Michigan consumer with Western Sky loans, and who have repaid to Western Sky or CashCall more than their loan proceeds plus 7 percent annually. In addition, consumers who meet these criteria will have their loan recorded as paid-in-full, if the loan is still owned by Western Sky or CashCall.
- For Michigan consumers who have repaid less on their Western Sky loan than the loan proceeds plus 7 percent annually, Western Sky and CashCall will: (a) adjust the loan balance to the difference between the loan proceeds minus all payments made; and (b) permanently reduce the interest rate on this adjusted balance going forward to 7 percent annually, if the loan is still owned by Western Sky or CashCall.
- Proof of Purchase: N/A
- Case Name & Number: In the Matter of: Department of Insurance and Financial Services v. Western Sky Financial LLC, et al., DIFS Enforcement Case No. 12-11579, in the State of Michigan Department of Insurance and Financial Services
If you took out a loan from Western Sky Financial, you have the chance to receive a reimbursement from the Western Sky Financial, CashCall Class Action Lawsuit. You should have already received a notice if you are a class member, but if you have not received a notice of the Western Sky settlement and you believe you are eligible for benefits, contact the Claims Administrator at 1-866-336-5756. You might be eligible for other Class Action Lawsuit Settlements, so take a look at our updated list!
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