MovieChat Forums > Judge Judy (1996) Discussion > Free Shout Out To Speedy Cash

Free Shout Out To Speedy Cash

posted 8 years ago by hack-stone
8 replies | jump to latest

In the case of Shawn Boykin vs Myesha Sims, Plaintiff Shawn Boykin was suing Myesha for a loan and lost wages. Myesha was homeless, living in her car, and she was going directly from being homeless to (allegedly) purchasing a home. Plaintiff took out a loan from Speedy Cash, and when Judge Judy looked at the paperwork, Speedy Cash was charging 135% interest. Judge Judy then used a word that I am sure that neither the defendant or plaintiff are familiar with. That word would be "usury". It would do well for them, and people that frequent these businesses, to learn it. The Mafia doesn't even charge 135%.

[–] chambers112 8 years ago

It's hard to believe that that is even legal or that anyone would take such a rotten deal. 135%, outrageous! Yeah, this is something every child should have heard from parents and teachers growing up. After all, as children we were/are the poorest people. It's a shame to come into adulthood and not know the pitfalls of borrowing and leanding money. The worse and craziest cases are the ones where people loan money that they had to borrow. Spending money you don't have seems to be the norm now. But more and more, loaning money you don't have is done, and done so easily.

[–] pvd295 8 years ago

Plaintiff took out a loan from Speedy Cash, and when Judge Judy looked at the paperwork, Speedy Cash was charging 135% interest. Judge Judy then used a word that I am sure that neither the defendant or plaintiff are familiar with. That word would be "usury"

I'm disappointed in Judge Judy.

I was hoping she would shout "That's outrageous! Outrageous behavior!"

Then I was waiting for her to say,

"I'm going to prepare an order for this contract to be null and void. I want you to go to your state attorney general's office with what I prepare, and a copy of this video. You can call a sheriff to go with you, if you'd like. Then they will shut down these crooks called Speedy Cash, and file a lawsuit on your behalf, but it can be a class action suit. This is a criminal enterprise - what they're running. No one should be paying this ridiculous amount of money on interest. If you don't get any satisfaction from the attorney general, you contact my producers and come see me. This is outrageous!"

Alas, she didn't. 

"Splodey heads keep splodin' " - Sarah Palin, 7-1-16 

[–] hack-stone 8 years ago

I see a lot of commercials with Montell Williams telling people that they have easy cash to money lenders (isn't that a phrase in the Bible?). Quite often these commercials run during Judge Judy in the DC market. At the end of the commercial, Montell adds a quick "This service is not available in New York...". I guess that the state legislatures got tired of their constituents getting bled dry.

[–] pvd295 8 years ago

RI has been trying to out-law these loan sharks, as well - but they have strong lobbyists at our state house and the measure always fails. However, they did cap the interest rate on what they can charge - I think it's now 35% (which is still usury). These scammers are OK with that because then they add on additional 'fees' for their service to make up the interest money lost. It's horrible.

"Splodey heads keep splodin' " - Sarah Palin, 7-1-16 

[–] MiketheMechanic 8 years ago

The cap should be around 35% but unfortunately, for those who take out 'payday loans' according to this article from the Associated Press published in 2014 the interest rate in various states is as follows:

SALT LAKE CITY (AP) — Idaho, Nevada and Utah have among the nation's highest interest rates for payday loans, according to a new report.

The study, released this week by the Pew Charitable Trusts, found their rates are so high mainly because they're among only seven states that impose no legal limits on them.

Idaho payday lenders charge an average 582% annual interest on their loans to lead the nation, The Salt Lake Tribune reported.

That's followed by South Dakota and Wisconsin, both 574%; Nevada, 521%; Delaware, 517%; and Utah, 474%.

Among states with storefront payday lenders, the lowest average interest charged is Colorado at 129%, which matches its legal limit. The next lowest are Oregon at 156% and Maine at 217%.

Fifteen states either ban payday loans or cap interest rates at 36%. None of them has any storefront lenders.

[–] hack-stone 8 years ago

They run a car title loan company that ran commercials during Judge Judy in the DC market where the announcer says "Need cash for your vacation! Title Max is ready to lend you money!" If you need to take a car title loan to finance your vacation, maybe you don't really need that vacation. Where do these idiots think that they will get the money to pay off these car title loans when they can't even live paycheck to paycheck without that crushing debt? On the plus side, they can't repossess those neck tattoos.

[–] mcolby-125-523976 8 years ago

It's not allowed in my state either. For a while those places were popping up on every street corner and then they made a law about it and they were quickly deserted buildings.

[–] Syn84 8 years ago

I watched his Canadian documentary once about those type of loans. I believe that they mentioned that up to 89% in interest rate is legal.

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