Attorney Sues Americash for PayDay Loan Hell

It’s no secret that the current payday loan laws in Illinois, for lack of a better word, suck. Every cash advance lender, to my knowledge, is offering installment loans; which makes this class action law suit seem pretty silly. Americash is getting singled out for providing installment loans, under a completely different law and license.

Enter Tom Geoghegan; a Harvard educated lawyer.

“The fact that Americash has changed the loan terms to a loan greater
than 120 days doesn’t make it any less a Payday Loan; in fact it makes it a more abusive loan because they are by definition for very short term needs at very high interest rates. Americash is extending it to unconscionable lengths locking people into these very high interest rates,” says Geoghegan.

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