You may be eligible to receive a refund of finance charges you paid if you obtained a loan based on certain television ads.
On April 1, 2020, the Consumer Financial Protection Bureau (“Bureau”) issued a Consent Order against Cottonwood Financial, Ltd., which does business under the name Cash Store. The Consent Order alleges the Bureau found that in the course of marketing, servicing, and collecting on payday, auto-title, and unsecured consumer-installment loans Cash Store violated the Consumer Financial Protection Act (CFPA), Fair Credit Reporting Act (FCRA), and Truth in Lending Act (TILA).
Cash Store denies these allegations and any wrongdoing or liability but has agreed to the Consent Order to avoid the uncertainties and costs of litigation because that is in the best interest of its customers.
Certain Cash Store television advertising, that ran between January 1, 2013 and June 1, 2015, stated that consumers could save 50% on finance charges. This affected a small subset of consumers. The amount returned to consumers represents the total difference between what you actually received from the discount advertised on television and the full amount of a 50% discount on all finance charges you paid on your loan.
Checks were mailed to affected consumers on April 16, 2021.
If you believe you may be an affected consumer and have not received a check, please contact the Fund Administrator at 1-888-487-5511.
*Loan Amount is subject to loan approval. Loan terms and availability may vary by location. Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary.
Loans / Advances are provided based on approved credit. Cottonwood Financial uses a proprietary model to evaluate the creditworthiness of each applicant for credit. Vehicle is subject to evaluation for title/auto equity loans. Please see the Licenses and Rates page for additional product details.
Cottonwood Financial offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs. In Texas, Cash Store is a Credit Services Organization and Credit Access Business. Loans are provided by a non-affiliated third-party lender.