Internet Lender hit with $60k class action suit

Tremont Financial settled a class action law suit for $60k. The state of Wisconsin alleges that the company’s loan contracts violated certain provisions of the Wisconsin Consumer Act. Each borrower that paid them will get $329.81 and they will forgive all the debt for their other outstanding loans.

Now, I’m pretty sure Tremont is an internet lender b/c I found their site here. Maybe they were doing loans in Wisconsin without a license, but originating them in South Dakota.

I would love to know if they get their original principal back? If you know anything, please leave a comment.

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