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.
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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.
According to The Business Journals, the remaining balance in the settlement payment from SNAP Finance LLC will be collected for other penalties and expenses.
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