A class action lawsuit challenges Speedy Cash’s practice of giving loans at extremely high interest rates.
Plaintiff Cindy Delisle says that she took out a loan from Speedy Cash and was charged unlawfully high interest rates.
She says she was not given adequate time to review the terms of the loan, so she was not aware that the interest rates were so high.
According to Delisle, she took out an Installment Loan and Promissory Note with Speedy Cash on July 14, 2018 for the amount of $4,457.38.
The Speedy Cash class action says under the terms of the loan Delisle was required to pay back the loan at a minimum of $15,097.63, but she was not provided with the terms of the loan in a way that let her accurately review them, so she did not know that she would be required to pay that amount.
The plaintiff reportedly made a payment to Speedy Cash on Aug. 17, 2018, thereby incurring financial injury from her involvement with the company.
She says that the company intentionally misled her into taking out a loan with an exorbitantly high interest rate and makes a practice of misleading all of its consumers about the terms of their loan, so as to maximize its profits from unfair interest rates.
The Speedy Cash loan class action lawsuit argues that the company does not give its borrowers an opportunity to negotiate the loan, but presents the loan on a “take it or leave it” basis and only shows them the terms of the loan very briefly.
The plaintiff argues that Speedy Cash violates California’s Unfair Competition Law by charging interest rates well above the legally allowed rate. She says that the company’s loan practices are “unfair, unlawful, fraudulent, and/or pernicious.”
The Speedy Cash loan interest rates class action lawsuit alleges that the company knew or should have known of the legal restrictions on interest rates, and knowingly violated the law.
Additionally, Delisle says that the company had legal means by which it could make a profit and run its business, but actively chose instead to violate the law and charge extreme interest rates.
The Speedy Cash high interest rates class action lawsuit says that the company intentionally deceives consumers as to the terms of the loan by not allowing them adequate time to review the loan terms, and by making the terms of the loan so confusing that reasonable borrowers would not be able to understand them.
Allegedly, this is done so that consumers who discover the high interest rates would not have an opportunity to decide to not take out a loan from Speedy Cash, because had they known that the interest rate was extremely high and unlawful, they would refuse to do business with the company.
Delisle is represented by Ahren Tiller of BLC Law Center APC, Joshua Swigart of Hyde & Swigart and Abbas Kazerounian of Kazerouni Law Group APC.
The Speedy Cash Interest Rates Class Action Lawsuit is Cindy Delisle v. Speedy Cash, Case No. 3:18-cv-02042-GPC-RBB, in the U.S. District Court for the Southern District of California.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
562 thoughts onSpeedy Cash Class Action Challenges ‘Extreme’ Loan Interest Rates
This happened to me in Texas the interest is outrageous and I had no time to pay the loan amount back
I have taken out a 245 dollar loan with expect me to pay back 5 hundred now so not fair add me
Add me to the list. This is not just relevant to California. We also have it in Wisconsin with atrocious interest rates. Got you suckered in before you realize the exact cost this xredit is going to cost you.
Same here
Once you get one loan with them they got you where you cant get out. I pay off loan with high interest just to return the next day to get another loan til next payday. They are evil and I need to be a part of.
Is this the correct spelling or is this a different company because I have a loan but it’s spelled different it’s Speedee Cash.
Add me
Yes…I got loans for speedy and been charge extremely high interest rates…I have to borrow money to pay them back..
I got a loan from that company and their rates were so high I ended up getting my lights and gas shut off.
Do you people who say “add me” actually think thats how it works?