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
In 2018 a friend asked me to pull out a loan for him, it was $5000. I felt pressured by him and the company to get through the process of signing paperwork. I was 19 years old, I didn’t know anything about Loans. My friend promised to pay me back but never did. A year later, i had calculated that the loan had been paid off because of the monthly payments I had been making, but when I went in person to ask, they told me that I had just been paying interest every month, it had not dented the initial loan amount, and so I had to save up $5000 and pay it off at one time so they wouldn’t keep charging me interest payments every month. So I got scammed by my friend on a $5,000 loan, and then I got scammed by this company for another $5000 in interest every month that year, and then the actual initial loan amount of $5,000 I had to pay in person to close the account. I have been robbed of a total of $15,000.
Please involve me i can give you more info.. 359% on one lian and i out of desperation had to take out a couple more to pay for the interest…
Ha! 97%??? Wanna trade loans?? Mine is at 359.63% I even talked to them about a deferment for a couple months due to CV19 and lost work.. they said sure no problems.. they day after the stimulus checks hit they took out their payments and then some..
I took out several small loans out of desperation September of 2019.. one loan for $250 with $83 payments per month.. 10 months repayment…and…. still has a balance due of $267 as of today… thats not including the other ones. .
My husband took out a loan back in 2018 and we were really desperate for money. The interest rate is at 97%!!!! I would like to take part in this
I would like to join as well as I am having troubles with Speedy Cash!
Please include me as well
I will join the class action. I pwid off the otoginal amount and a year later they attempt to collect 1150 through extortion claiming it is interest sccrued.
I’ve filed with AG offices, BBB, Consumer Credit and FTC and seeking attorney guidance.
I took out a loan with speedy cash since my car needed major repairs. I took out 4998. It has been a year since I took out my loan by my payoff amount has on lowered by 100 dollars. They say I still owe 4895. How is it that i have only paid off 100 dollars of that loan in 1 year when I pay well over 400 a month.
Please include me in the suit. I have parkinsons and needed more money d
For medicine and couldn’t pay over 400% interst
Now i get emails threatened to take me to court and at least 10 calls a day no one on thr other end.
Speedy Cash had been attempting to take 6,750 dollars out of my account for over 6 months without me knowing. The day after I received my tax return they withdrew the money under my nose and I have been fighting this with no legal representation with my bank and Speedy Cash. There have been no mercy on either end during this pandemic.