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
Please add me. They stop taking payments the stated I owed $1300
Speedy cash are criminals, 600 %interest rate , charging me 9$ a day my loan has doubled never missed a payment. That money is grocery money so no food
Please add me I’m in Denton Texas
Please add me
Please add me.
Please add me if possible I’m in Dallas, TX
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Add me !!!
Please add me to the class action law suit!
Please add me
Please add me to this lawsuit. Due to a job change, my pay date changed as well. They flat out refused to change it. Instead of moving my withdrawal date from Wednesday to Friday, which was all I asked them to do, they still take it out every Wednesday overdrafting my account. There’s nothing I ca do. I’m trapped in this endless cycle of hell. So I pay my payment, plus overdraft fees, plus their insane interest rate. It’s ridiculous and fraudulent. I’m sick of them. I’m tired of working my ass off just to pay triple what I normally would anywhere else.They will not work with customers. Speedy Cash is a scam. Like you, I didn’t know the interest rate was that high, or I would have never did this. A $100.00 loan has turn into paying over $500.00 back. They need to be taken down. And sounds like we all are due for some major refunds.
Please add me to lawsuit