Americash getting sued in Illinois

Attorney Tom Geoghegan thinks that Americash is breaking the law by offering installment loans. The industry has been offering installment loans as an alternative to payday loans since 2005. I have to imagine that there is already a precedent for this type of case in Illinois. Besides, how can they be skirting a law, if they’re following another one?

Of course, he’s probably going to try and turn it into a class action suit. That’s what attorney’s do. If they can refund one penny to 1000 people, you have to pay their attorney’s fees. These fees are exorbidant. They typically get into the six digits.

The problem with these lawsuits is that you have to spend $25k just to fight them. If you win, guess what you get? Nothing. You just don’t have to pay these extorshionists….oops I meant class action lawyers.

The article is titled: Are Payday Lenders Skirting the Law?

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