Alex Safyan was quoted in the Daily Journal regarding a proposed class action against Kikoff Inc., which allegedly issued loans to military personnel and low-income consumers with APRs often exceeding 1,000% through its money-lending app, Grant Money, LLC, despite advertising “0% interest.”

Safyan commented on the legal challenge plaintiffs face in proving that Kikoff’s cash advance product is considered ‘credit’ under the acts contemplated by the complaint—the Military Lending Act, Truth in Lending Act, and Georgia Payday Loan Act—instead of an ‘earned wage access’ service. “The outcome will depend on how the specific product is structured,” Safyan said.

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