Online lender faces class action lawsuit for illegally high interest


Law360 (June 23, 2021, 6:06 p.m. EDT) – An online lender and a pair of collection agencies violated Pennsylvania anti-usury laws when they issued and attempted to collect loans with more than 6% of interest, according to a trio of proposed class actions filed in state court Wednesday.

The proposed lead applicant, Ronald Henry, said that Marlette Funding LLC, doing business online as Best Egg, was not allowed to charge more than 6% interest and overall fees per year under of the Consumer Discount Company Act and the Interest and Loan Protection Act, but charged a total of 21% on an $ 8,000 loan he took out in 2015.

“Most (if not all) …

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