SNAP Finance LLC agreed with the $11.4 million settlement following misleading advertisements in Pennsylvania.
SNAP Finance LLC Deceives Low-Income Families in Pennsylvania
SNAP Finance LLC faced a lawsuit after deceiving several low-income families in Pennsylvania by disguising a 12-month agreement for rent-to-own purchases as “100-Day Cash Payoffs” in misleading advertisements.
The victims of SNAP Finance LLC, who are mostly low-income families, initially believed they would save more money with the agreement; however, instead of receiving the supposed relief, they only ended up owing higher interest rate loans for their purchases.
Aside from misleading the consumers, SNAP Finance LLC also created a portal online for signing contracts, which made it easier for scammers and others to sign contracts and agreements on behalf of other consumers.
SNAP Finance LLC Will Pay $11.4 Million to Settle Lawsuit Over Deceptive Practices
Hundreds of low-income families affected by the deceptive advertisements are set to receive a portion of the $11.4 million settlement from SNAP Finance LLC, wherein $7,300,000 will be restitution payments and $3,150,000 as part of the debt relief, which will make their balances reduced.