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.
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562 thoughts onSpeedy Cash Class Action Challenges ‘Extreme’ Loan Interest Rates
Ad me too I got a laon out for $3600 and after I’m done making all the payments it’s gonna be somewhere about $15k or more as soon ad you get the loan the next day they are already adding interest on it that’s where they get you. That’s how they are able to pay their employees is by robbing someone that is going to them that I’d asking for help. [email protected].
Add me because I took out a loan and and now I’m paying back more then I ever owed and that’s not fair and I ask them one day how much a day do they add on and they wouldn’t give me an exact amount. If a person takes about $300 they ended up paying about $700 back and that’s not fair to their customers.
Please add me. My loans went to collection and my bank accounts ended up closed because of them. I I couldn’t catch up and it ended up on my credit and still they have not stop calling me please add me.
Please add me. Im still paying since last year December 2017 on my Speedy Cash Loan and I can’t catch up. This is ridiculous that I constantly at the minute when I’m about to pay it off they keep telling me I’m still behind. I’m still trying to catch up on this loan. Every 15 days I have to pay and I can’t catch up either they take it out of my bank account, or they keep calling me harassing me or threaten me they’re going to close my account and I keep falling behind on my rent or all my other bills. This is harassing and then sometimes threatening. I kept every single document showing that I’ve been paying my loan on time. Please add me and I will show you guys proof. You can call me if need be. 951 334 4320.
Add me pay day loan from zoca loans had to close my account
Add me. If Title Max and SW title loan and Ready Money are being investigated I want in. I had to get a loan from one company to pay off the other….and so on and so on.
I also had a loan from speedy cash which the amount was automatically deducted from my checking account. I ended up having to close my checking account and open another and I had to manually make a payment before it started coming out if the new checking account. I ended up having a $6 dollar difference. So I paid the person who called via phone with my debit card. I saw it on my credit report and it is now over $2000. What the heck????
Please add me.
Can Missouri residents join this too!!!
Add me. The loans are 200% interest rate. You pay back 250 and 120 goes to the principal. Interest is charged daily. Made a additional payment of 20 in between payments and was charged 4 dollars for daily interest so only 16 went to the principle even though this was an extra payment over the monthly required amount. Rip off.
What about title max with 146% interest rate. Is this a legal rate for alabama