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
Add me please, I am paying a installment loan from speedy cash right now.
Please include me
I also forgot to mention my monthly payments are 195.00. I paid them in March and April and now they are saying I never paid! They want to collect March, April, and May payment. They took my money and they want it again!
Include me. I took a loan out last year in May and my interest is super high and I had no idea. I took out 2,600 and my account has only gone down a few hundred dollars. It is currently at 2,300 smh! We got screwed
This is not right. This practices must stop. Please include me.
please include me. I am very interested
Include me with dealing with them. I had a loan but I couldn’t pay back after I lost my job. They couldn’t work anything out with me. They sent account to collections. Collections sent letter to make arrangements to start payment on April 16, 2020. They took the liberty to take the whole amount on April 20, 2020 (stimulus check was in the account, how convenient) before I could call or sign the letter with first payment arrangement.
Include me
Include me after I provided my checking account income verification they approved me . My son was sick we need the loan for his medical. They told me approved completed . 1 hour after I didn’t received the funds I called they withdraw then loan didn’t funded my son died 8 hours later 6 yrs old
please include me as well. I took out a loan with speedy cash for 200 dollars and been paying them for the last 2 years. The loan should have already been paid off.