Online Payday Loans

“This suit was filed to protect Pennsylvania consumers from a harmful product that we believe is payday lending by another name… Families who seek these types of loans are usually living paycheck to paycheck and need just a little bit more to make it to Friday. Preying on their need by charging exorbitant fees is simply unconscionable.”

Acting Banking Secretary Victoria A. Reider made this statement after a Commonwealth Court ruled that Advance America violated Pennsylvania consumer law…
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“It would be virtually impossible for Ms. Reuter, or anyone in a similar position, to obtain competent individual representation for the types of claims brought here.”

Palm Beach Circuit Judge Elizabeth Maass ruled that Florida payday loan consumers can bring claims through class action arbitration even though the payday loan contracts they signed contain a provision that forbids class-wide arbitration…
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“I accept the plaintiff’s submission that if processing fees and late fees are interest, and their payment results in payments at a criminal rate, then A OK has necessarily received interest at a criminal rate.”

Canada Supreme Court Justice Brenda Brown ruled that a payday loan company A OK was charging “criminal” rates of interest…
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“The provision in this consumer loan contract that forbids class-wide arbitration is unconscionable and thus unenforceable. The appropriate remedy is to sever the unconscionable provision and enforce the remaining valid portions of the arbitration agreement.”

On August 9th, 2006, the Supreme Court of New Jersey upheld arbitration agreements in payday loan contracts but struck down class-wide clauses as unconscionable…
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When you sign for a payday loan, you sign away significant legal protections.

Many payday loan contracts include clauses that try to keep you from filing a lawsuit in a court of law…
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