For more information CLICK HERE.īBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment. The CFPB further alleges Snap Finance's illegal conduct continued in its servicing of those agreements, including misrepresenting consumers' payment obligations and making false threats in collections. On July 19, 2023, The Consumer Financial Protection Bureau (CFPB) sued Snap Finance, LLC alleging that Snap Finance has offered and provided millions of "lease-purchase" and "rental-purchase" financing agreements in ways that have harmed consumers, including through misleading advertisements, insufficient disclosures, and interfering with consumers' ability to understand the terms and conditions of its financing agreements.
We are providing a summary of the governments allegations, which have not yet been proven. The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. Government Action: BBB reports on known government actions involving business’ marketplace conduct: CFPB v. The settlement should not be considered an admission of guilt or a finding of a violation of the law. Under the terms of the settlement, Snap Finance and its affiliates, Snap RTO LLC, Snap Second Look LLC, and Snap Finance Holdings, LLC was ordered to pay $7,300,000 to consumers as cash restitution payments and another $3,150,000 in consumer debt relief. This settles allegations that the business misled consumers about the basics of their contracts, including advertising its rental-purchase agreements and rental-installment contracts as "100-Day Cash Payoffs" when consumers were actually signing a 12-month agreement that included leasing fees equivalent to 152% APR interest.
On May 15, 2023, Snap Finance, LLC entered into a settlement with Pennsylvania's Office of the Attorney General. If the matter is being appealed, it will be noted below. Government Action: BBB reports on known government actions involving business’ marketplace conduct: Pennsylvania AG vs Snap Finance LLC The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency.
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