Man Claims Prosper, Inc., One Other Charge Excessive Interest on Loans
by Erin Shaak
Last Updated on May 8, 2018
Cintron v. Prosper, Inc. et al.
Filed: November 10, 2017 ◆§ 2:17-cv-11530
Prosper, Inc. and Monterey Financial Services, Inc. have been accused in a proposed class action of charging excessive interest on a personal loan in violation of state law.
New Jersey
Prosper, Inc. and Monterey Financial Services, Inc. have been accused in a proposed class action of charging excessive interest on a personal loan in violation of state law. The plaintiff says he took out a loan for $4,000 with Prosper, Inc. that was later transferred to Monterey and required him to pay an annual interest rate of 17.99 percent. The suit argues that the defendants charged a higher interest rate than permissible under New Jersey state law, which, according to the complaint, prohibits lenders from demanding more than 16 percent interest.
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