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
I would like to be signed up. I applied for speedy cash 3 years ago, and I still owe from the $6000. and I have been paying 275 twice a month. I am desperate. I don’t know what to do, I have paid up to now almost $19, 000. AND I still owe them $5,316
I have paid almost $50,000.00 on a loan of about $4500.00 . It’s now in collections saying I still owe them $5000.
I too took out a loan with speedy cash for $600 in late December of 2018. I’ve been making payments every two weeks since of $69.58 to $70. Yet my balance is still over $500??? How is this possible? My loan was for 18 payments. In May they told me that I could pay it off for $411. But like I said now it’s the end of July and my balance keeps going up?
I need to apply
I would love to be signed up.
Add me. They among many other payday loan companies are predatory companies that should be shut down.
Same here. My mom took out a $400 payday loan and in the “brief” terms and conditions during the application process it showed the payout would be 6 payments of $112.00 from Jan 2019 – Jun 2019. Now she gets an email today stating they will be drafting $541.00 on Jun 3rd because in the 30 page contract they sent her a week ago changed from 5 payments of $112 and 6th payment being $541.00. I know for a fact that was not the initial terms because I helped her with the application and I wrote down what it initially stated. They said that the 5 months was an interest payment and the $541.00 is the loan balance. I promise if this was the initial terms and conditions shown I would not have let her take that loan out. This is ridiculous and they are just scammers. It’s really sad they would do something like this. I’m appalled and pissed off.
I am really upset over the threatening lawyers letter recieved from there lawyer Mr. LEE MARTIN, threatning me with jail, over 20,000 if fees and court cost, and more. Original online loan was installment monthly, they even invouced me as to how much to pay, yet owed amount kept going up, finally when I tried to work it out and they refused after paying close to 1500.00, I complained on Cpcs, speedy was mad after the review and gentlemen from company informed me I was paying 9% weekly in interest? On a monthly installment loan?
I want them off my credit report,
I was almost hospitalizedfrom there threatening letters,
If my mental health dr,didn’t tell me to stop paying them I won’t go to jail,I would of bed committed from stress, as it is I was physically bedridden, dehydrated, with bouts of Diviccvitius from this company and there lawyers!
A lawyer cannot send you to jail. Only a judge, with a conviction given by him. No judge in his right mind is going to send someone to jail because they did not pay back a loan. The government does not even do that…stop letting these people intimidate you, and learn what your rights are. Even lawyers are shady when they have to be..
I got a loan from Speedy Loans. How do I submit a claim?
Add me, I took put loan in october/2016
In from RI, so I thought terms were same as pay day loan
IT DID say 360% interest for installment loan.
I was paying close to $200 a month for over a yr,and yet loan remained the same at $ 500.00
I put a complaint on Cpcs,
I also called and emailed Speedy cash offering to finish pymts , no more interest of thier balance not mine of 550.00.
They rejected my offer, I stopped payments.
Now my credit report says I had a loan for 1 month only, and owe them over 1200.00
The also changed the dates to after my pymts had been made to reflect, No payments recieved.
I wrote experian and sent bank print outs, emails, lawyers letter, collection letter, severe threats, etc.
Yet speedy was found legit, because company assures them it’s real?
Are they kidding?
Look at my bank print outs do the math?
It was only last time I talked to Speedy, that they finally told me my interest occurs every 7 days?
I said why would you not tell me this when In putting you for direct pymts monthly?
I want them off my reports!
I will like to sue them for partial nervous breakdown.
And also hold credit reports accountable.
When I first paid a large fee with experdian, The removed speedy? But when I decided I couldn’t keep paying so much,
Surprise!
Speedy is back on my report?
Is this legal, I’d like to know?