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
add me to this please
Add me please
Add me
Add my name
I have a loan from speedy cash that charged me high on my account
Speedy Cash, Check Into Cash, Advance America, all these payday lenders charge astronomical interest that makes it so you have to not only renew the loan every month, but take out yet another somewhere else to make up for the huge dent in your income! It’s terrible! In Texas it is even worse, you will pay every month then in six months you get told you have only been paying CAB fees to the tune of hundreds of dollars but haven’t touched your principle. My husband and I had to declare bankruptcy after he became very sick and due to lost income we stupidly turned to a single payday loan from one lender that rapidly morphed into over $5k in notes, paying over $1000/month in interest only, and no end in sight.
CashNetUSA is another terrible lender. Took a loan from them a few times when I knew for certain I had money coming to cover the whole thing in a week or two but needed it today. The last time I did it however, I ended up not being able to repay the $1250 that next week, so it turned into payments of $365/month which I paid for five months (which would have covered 100% of the original amount borrowed), but when I went to see how many more payments to try and pay it off, I saw I still had 7 months @ $365/month to go!
In short, people, PLEASE do not ever get sucked into these bloodsucker’s traps! It never pays!
And they are NOT on your side/trying to help you, no matter how cute their jingle or ad on t.v.!
Please add me.
Please add my name
Ella Brown please add my name to the list sept.11.2018
Ella Brown please add my name to the list
Please add my name to the list.