Janie Wilkinson, a Jackson County resident, Thursday filed a class-action lawsuit against Title Cash of Missouri, Inc.
Wilkinson says the company offers cash loans using people’s vehicle titles as collateral. However, Title Cash is registered in Missouri as a payday lender and a consumer installment lender. It’s not registered as a title lender.
Title Cash gave Wilkinson a loan for $2,950 in Oct. 2016, using her Chevy Trailblazer as collateral, and charged her an annual percentage rate of 152.08 percent. That means Wilkinson was set to pay $6,565.52 in interest for a total payment of $9,515.52 on her original loan.
Wilkinson says Title Cash made several errors when applying her payments and eventually repossessed her car. She filed a complaint with the Missouri Division of Finance over that payment dispute.
Wilkinson is bringing this class action lawsuit on behalf of all Missouri citizens who received a loan from Title Cash in which a vehicle was listed as collateral in the last five years.
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