ALBUQUERQUE, N.M. — A federal judge has ordered a payday loan company to pay more than $7 million to a group of nearly 10,000 New Mexico residents after ruling on a class action lawsuit.
The Albuquerque Journal reports the Friday ruling found that Community Financial Loan Service Centers LLC had charged its customers millions of dollars in illegal loans from 2010 to 2014. The company operates as Speedy Loan with multiple locations in New Mexico.
Speedy Loan attorney Donald Kochersberger says the lawsuit came as a result of an error in the company’s computer systems. He says they respect the court’s ruling, but they are “greatly disheartened by it.”
The court also found the company had collected illegal fees on 31,074 loans.
Information from: Albuquerque Journal, http://www.abqjournal.com