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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560 thoughts onSpeedy Cash Class Action Challenges ‘Extreme’ Loan Interest Rates
I took out a loan for 4,500 in 2018 as well I just finished paying last year almost gave them 25,000.
I took out a loan with them because I didn’t want to go to a payday loan place and instead of putting it in the bank they sent me an email saying that they had paid my debit card and I called my bank and they said it would go from there to my bank account. However when it was not deposited I called them and they said it was a new system and they were working on the bugs. At first I called the number on the email but it was the wrong number but I finally found the right number. It’s been three days for an instant deposit and still no money. I have tried to call them several times but ended up on hold forever each time except for the initial call. Like everyone else on here I was unaware of the high interest rate because they didn’t give you clear paperwork to check.
Same
Please add me to this lawsuit as I am in the same situation
Please add me on this ..I took out $450 from this loan sharks Dec.they have been taking money from me bi weekly..I have been trying to pay them more than the amount they’re taking so I can paid them off early..but till now I still owe them almost $500 ..I’m sick and tired of this kind of people.How in the world tgis kind of people can run businesses like this.This should be stop!!!!!!!They need to stop…..
I am in the same situation I got a loan for $1,200.00 I was paying $350.00 dollars every 2 weeks, I was supposed to finished this pay loan in april, and now they told me that I was just paying interest and I was supposed to pay $1,661.58, money that they collect without my authorization from my bank account. I went thru they website to check my contract and just disappear. We need to stop this people, they are stilling the money from the people. Please add me to this class action against speedy cash.
The very same situation, I am confronted with, a Installment turned into a payday type of Loan. I am getting with the BBB.
Same situation I am going through they told me to pay a certain amount up into June. And then turn around and say I owe them 2,000 still but I can’t even log into the website anymore. Something has to be done about them. I’m all for taking them down.
That happens to me same thing we need to stop this people stealing money
i have a balance of 1811 as of today it goes up every day when i make a 300 payment it only changes by 28 and goes right back up within a couple of days it is absolutly killing me any help would be very appreciated add me please
I’m currently paying and paying but don’t see the end. 3000 will turn to 15000 with this rate. I have to borrow money from someone to pay this loan so I can be done with this company.this should be not allowed in this country.please add me
Please add me I was loaned $3,000 and was told I pay it off in 6 months I payed $250 every two weeks for 6 months just to find out that I stilled owed $3,100 more then I originally borrowed after 6 months of paying
I took out a 1500.00 loan in December and I am paying 275.00 every 2 weeks and told today when I called to find out when my last payment was I was told the 550.00 a month I’m paying is only for the intrest and I will still owe the 1500.00 after June 9th payoff date. Was told I am only paying the intrest and nothing towards actual loan. Was told I need to pay over the 550.00 every to affect my loan. None of this was explained to me when I got the loan. I hope the lawsuit goes forward and want to a part of it. No better then scammers
Please add me I believe this is 500 fast cash