Payday Loan Company To Pay $2.5M

Saturday, Feb 28, 2009

SPOKANE, Wash. -- Four Spokane residents have won a legal victory against Pacific Financial Holdings Inc., a loan chain based in Federal Way, Wash.

Pacific Financial agreed to pay a $2.5 million settlement to more than 10,000 people who were harassed by the company after they were late repaying loans.

The company, which does business as Loan Ex, Fast Cash Loans and Fast Cash - did not admit guilt as part of the settlement.

Spokane County Superior Court Judge Michael Price approved the settlement Feb. 18 to end the case, filed in 2005 by Spokane attorney Michael Kinkley. Class members include those whose paycheck loans went into default between Aug. 18, 2001, and Aug. 18, 2005.

Source: http://seattlepi.nwsource.com/