Arkansas – Arkansas Attorney General Tim Griffin announced that more than 9,300 Arkansans are expected to receive financial relief through a multistate settlement with Snap Finance that will cancel approximately $18.45 million in lease payments for eligible consumers.
“Arkansas consumers deserve transparency and fairness when making purchases,” Griffin said in an Oct. 21 post on X. He added that the settlement provides meaningful financial relief and holds Snap Finance accountable for its deceptive business practices.
Under the agreement, eligible Arkansas consumers who entered into lease-to-own agreements with Snap Finance between 2017 and 2022 will have their remaining lease payments canceled and will be allowed to keep the merchandise without making additional payments.
The settlement addresses allegations that Snap Finance used deceptive practices in connection with its lease-to-own agreements. According to Griffin’s office, the concerns included unclear contract terms, misleading disclosures about costs and confusion surrounding payment periods and credit scores.
The multistate agreement provides nearly $664 million in lease-payment forgiveness nationwide, offering relief to consumers who entered into the agreements covered by the settlement. Arkansas will also receive $150,000 under the agreement.
Griffin announced the settlement as part of his office’s efforts to address alleged deceptive business practices and protect consumers from financial arrangements they may not fully understand when making purchases.
Lease-to-own agreements allow consumers to obtain merchandise and make payments over time, but the terms and total costs can differ from traditional credit purchases. Consumers may face additional costs or misunderstand when payments are due if the terms are not clearly disclosed.
The settlement is expected to provide direct relief to thousands of Arkansas residents by eliminating eligible outstanding payment obligations while allowing them to retain the merchandise covered by their agreements.
Griffin’s announcement did not mean that every Snap Finance customer automatically qualifies for relief. The cancellation applies to eligible consumers whose agreements fall within the settlement’s terms.
The attorney general’s office said the agreement represents a significant amount of financial relief for Arkansas consumers, with more than $18 million in lease payments set to be forgiven in the state alone.
The settlement was announced on Oct. 21, with Griffin sharing the news on X and directing consumers to the official announcement from the Arkansas Attorney General’s Office.