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 $300 loan and paid over $900 back, they sent paperwork for a Ford Explorer something it never owned to pick up a car they sold to the junk yard! All of this with the wrong paperwork! The title didn’t even have my name on it! The car I took the loan out on was a Jeep!
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I paid back my loan plus 50% interest over less than a year. Speedy cash placed a collection showing on my credit report for more than the original loan amount. Unreal! I’m sorry to have not been born at a time when morality and common decency mattered in this country. Please add me to any lawsuit against this company.
I am in trouble now, I to took a $500 loan and it was exactly like everyone else. I thought I would pay it off no problem, nope just negative in my account now because they just keep taking and taking
I took out a loan with this company. And it was not fully communicated to me of the interest rates and that each payment that I made every month would not be going toward the loan but only toward the interest. I didn’t figure this out until three payments in and I thought how unfair it was because it was very deceiving for the agent not to fully communicate how the loan process worked. Now they are trying to sue me and add over $1000 of interest to the initial loan. Can someone tell me how I can be a part of this lawsuit and if it is still existing? I have so many questions and I really feel that I have been taking advantage of. I would like to make my last few payments but I do not wish to be charged for all the interest added.
Yea. I took out $700 and paying over $5000 in interest and fees. I made over $1000 in payment and my balance is back at $800 every two weeks. These last three payments was $660 combine and I only paid off $60 of my prinicpal balance
I have had loans with Speedy Cash.
I have commented on this article before and keeping track of it to see if I am able to get involved with this or any other class action lawsuit against this company. It is crazy how this article is from 2018 and September 2023 people are still being scammed from this company. How come nothing has been legally done before thousands of customers have been a victim of their high interest rates and illegal activities. Who do we speak with about this. Obviously, something is going on that people are still finding this article.
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I have been trying to pay down my loan with speedy cash. I have been paying nearly 600 a month on a 1500 loan. I got a loan for a lower interest loan, it was for 1300. Since I wasn’t paying off the entire now 1900 loan, that if I just paid 1300, they would take out my money for my next payment out, because it had already regenerated . Mind you I paid my payment on Friday, but according to speedy cash that this is their policy. My next payment isn’t due until the 22nd….so I guess making extra on your loan is also another scam. They don’t put it on the principle.
I took out a $1200 dollar loan from them, was making payments based on getting paid semi-monthly. My pay cycle changed so I called to update and it still has not taken effect. I thought I was paying it down but current balance is over $3k! Please add me.
How I should have known this company was a scam. Sadly I am in a similar situation, I was approved for over $1200 but did not that the full amount, only $800. Stuck paying $224 every two weeks, now they send me a email with a minimum balance of $1479.86 due by September 7th. I just got the loan in July. I downloaded my contract again to see what was added and when I get to my promissory note, it show that I am responsible for $3505.04 loan! Must be paid by December! A $800 loan should never cost this much! I have 3 master credit cards and their interest rates are never this high, and the few times I maxed them ALL out it was never a hassle to pay back. This is insane, and I glad I found this article because I knew something was off. My own fault for not doing research before applying. But now I know I am not the only one, I will take legal actions.
Speedy cash is greedy. I’ve paid back my balance and they’re still saying I owe roughly $850 and sold that to a debt collector