Today, payday lender Quik Cash was forced to pay $170,000 in restitution by the Arizona Attorney General to “eligible consumers” that were victims of consumer fraud.
According to a news release, the attorney general filed a lawsuit against Quik Cash in December 2009 for reportedly obtaining as many defaults as possible against consumers who lived outside of Pima and Maricopa counties.
“Eligible Consumers” are those non-residents of Pima County who obtained pay day loans from Quik Cash outside of Pima County and against whom Defendants obtained a default judgment in the Pima County Justice Court and received funds from its collection efforts, including garnishments, which funds were applied to such default judgments.
“Quik Cash didn’t do anything illegal but stopped the practice more than a year ago”, a company spokesman said in a statement. It sounds like not doing anything illegal is going to cost Quik Cash a few bucks. With a market cap of over 64 million, Quik Cash can probably afford it.