High-Interest Lenders Excessive Fee

Zimmerman Reed is currently investigating claims against high-interest consumer lenders for charging excessive and unconscionable interest rates. If you have obtained a high-interest loan and believe that you were charged an excessive and unconscionable interest rate, we would be interested in investigating your claim and talking to you to see if we can help you recover compensation.

We charge no fee unless we recover compensation for you. If you are interested in learning if we can help you recover compensation, please fill out the Free Case Review Form Below.

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Background

For years payday lenders have lent money to financially vulnerable borrowers at extremely high annual interest rates, often exceeding 300-400%. A payday loan is usually a short-term, high cost loan, generally for $500 or less that is typically due on your next payday. These loans are traditionally known to exploit consumers in tight or difficult financial circumstances. Consumers often renew the loans when they are unable to pay them off, creating a cycle of mounting debt. Over the past decade, payday lending has become “one of the fastest growing segments of the consumer credit industry” and, as of 2005, “there were more payday-loan stores in the United States than McDonald’s, Burger King, Sears, J.C. Penney, and Target stores combined.”[1]

In another type of loan, payday lenders sometimes offer installment loans in greater amounts, with even more excessive and unconscionable interest rates.

Most states have statutes protecting consumers and prohibiting the charging of excessive interest rates, also called usury. Like other states, California’s usury laws are primarily designed to penalize entities that take advantage of unwary and necessitous borrowers. Laws, such as those found in California’s Financial Code, describe different interest rate and other limitations for payday loans of different sizes or terms. In addition, the charging of unconscionable interest rates may violate California’s consumer protection laws. Thus, California law may allow payday loan borrowers to recover all interest paid on the loans that exceeded the interest rate cap as well as other relief, including triple (treble) damages and attorney’s fees and costs.

We are currently investigating and filing claims against the following lenders:

LoanMe, Inc
Check ‘n Go (Southwestern & Pacific Specialty Finance, Inc.)
RISE/Elevate Credit (Rise Credit of California, LLC)
CashNetUSA/Enova (CNU of California, LLC)
Fast Auto Loans, Inc.
LoanMart (Wheels Financial Group, LLC)
OppLoans (Opportunity Financial)
Speedy Cash/Rapid Cash (CURO Group Holdings)

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How We Can Help

Zimmerman Reed is investigating claims against lenders based on these practices. If you believe the interest rates charged by your lender(s) was excessive and unconscionable, you may be entitled to compensation.

To submit a free Case Review Form and obtain a free and confidential review of your potential claim, please CLICK HERE. It only takes a few minutes.