Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : H&R to settle payday loan lawsuits

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December 23, 2005

H&R to settle payday loan lawsuits

Who would think that H&R has been in to payday loans, but apparently it did it as early as 1989. They call it something else, "refund anticipation loans", but it is all the same. According to Consumer Affairs, H&R has agreed to settle with 8 million customers from 26 states and DC.

There is another case pending in Chicago that isn't a part of the settlement. The case alleges that H&R Block and its partner, Britain based HSBC Financial Services, were involved in "racketeering charges in relation to their pushing of payday loans on customers."

My, my, racketeering in Chicago..., sounds almost like the Fed will apply RICO statute. Don't think either H&R or HSBC are going to like it.

Posted in Payday Loans at December 23, 2005 12:23 PM

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