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Thread: Chicagoan Files Class Action Suit Against Americash

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    Chicagoan Files Class Action Suit Against Americash

    Here's the deal. A man goes into a payday loan outlet and borrows 700 smackeroos. He later cannot make his payments time, so then borrows 400 more which go towards making the payments he is behind. The result? He ended up owing 3500 on his initial loan of 700.

    Under the agreement Johnson signed, Americash required him to pay back the loan in 24 semi-monthly installments of $105.30 for one full year, totaling $2,611 dollars, equivalent to a 365 percent annual interest rate. After making steady payments for 6 months, Johnson just couldn't dig up the necessary funds to pay off his increasing debt. So Americash provided him a second loan in February of this year for $400 dollars and with virtually the same terms. Now, if he pays off both loans on time and in full, he will have forked over almost $3,500 to Americash, all for $700 in short-term financial assistance.
    That's a 500 percent interest rate. So my question to the man is this:

    Are you out of your ever loving mind?

    Another question - Why are you suing? Did Americash put a gun to your head and tell you to take the loan? Of course, they didn't. They had some money. You wanted to borrow some money. They gave you terms which were excessive as hell. You agreed to those terms. IMHO, YOU are one of the reasons that Darwin's Law even exists.


    The question we should ask is not why Americash is a bunch of low-life money grubbers. They are, no doubt about it. What we SHOULD be questioning are the man's intelligence, and also why something like this ends up in court. He is responsible for his own actions, and taking out stupid loans are nobody's fault but his. Period.

    Article is here.
    Last edited by danarhea; 05-26-09 at 05:09 PM.
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    Re: Chicagoan Files Class Action Suit Against Americash

    Anyone that sets foot in those stores is pretty much uneducated with regards to why it is not a bank.

    This is why it is not a bank.

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    Re: Chicagoan Files Class Action Suit Against Americash

    Anybody who even thinks of using the "services" of a payday loan outfit needs to recognize that they are just thinly-disguised loan sharks under a different name.

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    Re: Chicagoan Files Class Action Suit Against Americash

    Quote Originally Posted by Birdzeye View Post
    Anybody who even thinks of using the "services" of a payday loan outfit needs to recognize that they are just thinly-disguised loan sharks under a different name.
    Exactly, how those guys and rent to owns are legal is beyond me, I wouldn't take the interest rates they present at any cost, if my credit was shot, I'd sit on milk crates before using those services, you can't get ahead with them.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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    Re: Chicagoan Files Class Action Suit Against Americash

    No one is suggesting a kink in America's credit industry are they?
    It's nothing more than X's and O's.

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    Re: Chicagoan Files Class Action Suit Against Americash

    Question...Should these places be regulated ?
    I think that they should ,if the state can make money and save people grief..
    Answer...I don't know...
    This I do know...It is not right to take advantage of another man's ignorance....
    First we must eliminate the scumbags(both the borrower and the lender)....This is done via a good education system....If the system is good and still we have stupid victims and loan-sharks..Then what else can a man do ?
    Apply Darwin's principle..

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    Re: Chicagoan Files Class Action Suit Against Americash

    I used one once, when I was working a job that paid $9 an hour, and the pay day fell too far past my rent due date, for me to wait until I got paid. When I went in to pay it back in full, the first question they asked me, is if I wanted to rollover the loan and take out another one. Thats when I knew these places were just shady as hell. They don't really want to give you a short loan to tie you over, they want to build up their accounts receivable files.

    Also my step father joined a buisness venture, where a substantial amount of the investment was in a chain of these types of businesses, but soon sold off his share in the investment. He said there was just something wrong about making money off of people who didn't have that much to begin with.

    Still, people have to excercise some personal responsibility for the decisions they make. Changing the laws, isn't going to make you less of an idiot.
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    Re: Chicagoan Files Class Action Suit Against Americash

    I'm not so sure you can successfully sue these guys. I'm sure everything was in the contract the man signed. But there may be some form of protectionism. I always say be careful with contract, we have the right to contract and that means that you should understand what you sign because you're ultimately held responsible for upholding the contract. But who knows how Chicago works it, depends on which side can successfully bribe the system better I suppose. Regardless, those payday loan places are nothing short of rip offs. It's understandable that some people would maybe need to use one, especially now, but in the end it's not beneficial. Poor dude got screwed on this one.
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    Re: Chicagoan Files Class Action Suit Against Americash

    Quote Originally Posted by Ikari View Post
    I'm not so sure you can successfully sue these guys. I'm sure everything was in the contract the man signed. But there may be some form of protectionism. I always say be careful with contract, we have the right to contract and that means that you should understand what you sign because you're ultimately held responsible for upholding the contract. But who knows how Chicago works it, depends on which side can successfully bribe the system better I suppose. Regardless, those payday loan places are nothing short of rip offs. It's understandable that some people would maybe need to use one, especially now, but in the end it's not beneficial. Poor dude got screwed on this one.
    Poor dude screwed HIMSELF, and I cannot stand people like him who are unwilling to accept responsibility for their own actions.
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    Re: Chicagoan Files Class Action Suit Against Americash

    Quote Originally Posted by danarhea View Post
    Poor dude screwed HIMSELF, and I cannot stand people like him who are unwilling to accept responsibility for their own actions.
    True, but I'm still more outraged at the business taking advantage of such stupidity. Yeah, I know, that's life, but that doesn't mean I can't condemn what I consider shady business practices.

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