Report Fraud About Us What We Do

AWL Class Action Settlement American Web Loan Class Action Settlement Consider The Consumer

Class Action Settlements

Settlement News: AWL Class Action Settlement Now Available

American Web Loan Class Action Lawsuit Settlement

American Web Loan (AWL) was accused of violating federal law by issuing loans without the authority to do so. Allegedly, the online lender used their status under the Otoe-Missouria Tribe of Oklahoma to issue loans with high interest rates, otherwise prohibited under state laws. The AWL class action settlement stemmed from an older suit, which argued that “American Web Loan is not a legitimate arm of the tribe and tribal sovereign immunity does not shield American Web Loan or any other defendants from liability in connection with the unlawful online payday lending scheme.”

Are you or a family member affected by these allegations? Send us a message today to know if you qualify to join the class action lawsuit settlement.

Contact Us

AWL denies the allegations but has agreed to resolve the class action lawsuit with $141 million in settlement in favor of individuals who obtained a loan from AWL between February 10, 2010, and June 26, 2020.

Around 45,305 loans totaling $76 million will be forgiven and a $65 million cash fund will be funded by the online lender. These are broken down as follows:

  • Borrowers included in the class action will have their loans canceled as disputed debt and adjusted to a zero balance.
  • Clarity Services, the applicable credit reporting agency, will be requested to delete any credit reporting associated with the canceled loans.
  • Those with loans issued between February 10, 2010, and December 31, 2011, will receive flat payments of $20 or a proportionate share of the settlement cash fund, depending on the documentation provided with their claim.
  • Those with loans issued between January 1, 2012, and June 26, 2020, will receive a proportionate share of the settlement cash fund and not a full refund of paid interest.

Class action members must provide proof of their loan in the form of:

  • A copy of the loan agreement;
  • A copy of a bank statement showing receipt of an AWL loan or a repayment withdrawal associated with such loan; and/or
  • An email from AWL that expresses approval of the loan application with funds being released.

A valid claim form must be filed and submitted by November 3, 2020, for members whose loans were issued between February 10, 2010, and December 31, 2011.

The deadline for exclusion has passed, dated August 10, 2020, and the deadline for objection is set on September 21, 2020. The final approval hearing for the American Web Loan class action settlement is October 21, 2020.

If you’re an affected American Web Loan borrower, we’d love to hear from you.

Editor’s note on the American Web Loan Class Action Settlement:

This piece is written about the recent American Web Loan Class Action Settlement. If you are considered eligible to be among the class of consumers described in the class action lawsuit settlement, you may eventually be able to participate in receiving any compensation the court may award.

If you believe that what is alleged in the American Web Loan class action settlement has affected you, please don’t hesitate to reach out to us.

Contact Us

We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join in on any potential consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.

Similarly, please check out our current list of Class Actions and Class Action Investigations, here.

Interested in articles like these? Become a subscriber below!

Interested in posts like these? Stay up to date with our newsletter!

No thoughts on “Settlement News: AWL Class Action Settlement Now Available” yet. Be the first to speak your mind!

Leave a Reply