I don’t have enough information to provide an article that long. However, I can provide you with a shorter article about Snap finance and some updates on lawsuits they have been involved in.
Snap Finance Lawsuit Updates
Snap Finance is a lease-to-own financing company that has been the subject of several lawsuits in recent years. These lawsuits have alleged that Snap Finance has engaged in deceptive and unfair lending practices, as well as violations of consumer protection laws.
Data Breach Lawsuit
In 2022, Snap Finance was the target of a class action lawsuit alleging that the company failed to prevent a data breach that compromised the personal information of over 60,000 consumers. The lawsuit claimed that Snap Finance could have prevented the data breach if they had taken reasonable precautions to protect their information.
In 2024, a settlement was reached in the data breach lawsuit. Snap Finance agreed to pay $1.8 million to settle the claims. Class members can receive up to $5,000 for various data breach-related expenses.
TCPA Lawsuit
Snap Finance has also been the subject of a class action lawsuit alleging that the company violated the Telephone Consumer Protection Act (TCPA) by using an automatic telephone dialing system to call people who did not give their consent.
In 2023, a settlement was reached in the TCPA lawsuit. Snap Finance agreed to pay $5 million to settle the claims. Class members can receive a cash payment of up to $1,000.
CFPB Lawsuit
In 2023, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Snap Finance, alleging that the company misled consumers with its “100-Day Cash Payoff” advertising. The CFPB claimed that Snap Finance’s advertising led consumers to believe that the 100-day payoff option was the default payment plan, when in reality, consumers had to actively opt in to benefit from this offer.
In 2024, a court dismissed the CFPB’s lawsuit against Snap Finance. The court ruled that Snap Finance’s lease agreements did not constitute credit arrangements, and therefore, the company was not subject to the provisions of the CFPA.
Other Lawsuits
In addition to the lawsuits mentioned above, Snap Finance has also been involved in other lawsuits alleging various violations of consumer protection laws.
Conclusion
Snap Finance has been the subject of several lawsuits in recent years. These lawsuits have alleged that Snap Finance has engaged in deceptive and unfair lending practices, as well as violations of consumer protection laws. While some of these lawsuits have been settled, others are still ongoing. It is important to be aware of these lawsuits before doing business with Snap Finance.