My Story
I got my NetCredit line of credit in March 2023 while living in Florida. Due to reasons beyond my control, I was forced to move to Illinois. After moving, I continued paying on my line of credit, since I still hadn’t established myself. I was able to request a line of credit increase and it was approved, but I still wasn’t able to cash out my advance. This is misleading and should be illegal.
Enova NetCredit Class Action or Arbitration
Warren Terzian LLP is investigating potential class actions or arbitrations against Enova’s NetCredit. Persons who took out certain loans from NetCredit (through its website netcredit.com) may not owe any money on their loans and may even get money back.
Sources
State Law Background
Various states have laws that cap maximum interest rates on loans. For example, California law (California Financial Code § 22304.5) caps the maximum interest rate on certain loans by certain lenders at 36% plus the federal funds rate. Other states with similar interest rate caps include Delaware, District of Columbia, Florida, Illinois, Indiana, Kansas, Kentucky, Michigan, Mississippi, Oklahoma, Ohio, Oregon, South Dakota, Tennessee, Texas, and Washington.
It is believed that NetCredit’s loans often exceed these caps in certain states. Although the loans are purported to be issued by a bank, courts or arbitrators may conclude that NetCredit is the true lender and that the state law of the borrower’s residence applies. If so, the loans may be partly unenforceable in those states.
Suing NetCredit
If you want to try to invalidate your NetCredit loans, stop making payments, or potentially get money back, Warren Terzian LLP may be able to help. Fill out their form to get started.
Common Allegations
- Charging interest rates above state legal limits
- Misleading loan terms and disclosures
- Violations of consumer protection laws
- Aggressive debt collection practices
What Consumers Should Know
- Review loan terms carefully before accepting any offer.
- Check your state’s laws regarding maximum interest rates and lending practices.
- If you believe you have been affected, consult a consumer protection attorney or contact your state’s attorney general.
This document is for informational purposes only and does not constitute legal advice.