TRENTON, N.J. (Legal Newsline) — A New Jersey man alleges a consumer lender is providing open-end loans without a license and charging interest and fees that exceed legal limits.
Shana Gafner, on behalf of herself and those similarly situated, filed a complaint Jan. 4 in the New Jersey Superior Court against Oasis Legal Finance LLC and others alleging violation of the Consumer Fraud Act and other claims.
Gafner alleges in his class action that Oasis uses "unlawful and usurious lending practices" without a license. Specifically, Gafner claims that Oasis solicits New Jersey clients who have pending litigation claims and offers a "nonrecourse purchase agreement" disguised as a loan transaction.
He further claims Oasis is not registered to do business in New Jersey, which makes their loans void and unenforceable. Gafner alleges that Oasis failed to gain the proper licensing for the open-end loan transactions and charges interest and fees that exceed the lawful maximums. He claims the loans were also made without the adequate disclosures.
Gafner and the class seek monetary relief, interest, trial by jury and all other just relief. They are represented by. Yongmoon Kim of The Kim Law Firm LLC in Hackensack, New Jersey.
Oasis has removed the case to federal court.