The Florida Supreme Court reinstated a consumer lawsuit claiming that Payday advances made by check cashing companies were illegal loans. The suit is seeking class action status on behalf of customers who obtained cash advances before the payday loan law went into affect on Oct 1, 2001. For a fee in excess of the 18 percent legal limit, businesses practiced deferred presentment transaction where cash was advanced in exchange for checks that were not deposited to the bank until a later date.
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Reader Comments
Posted by
Dalfnie Burt
on
Dalfnie Burt
on
I participated in payday loans from ACE check cashing facility...
Posted by
Linda Carr
on
Linda Carr
on
Please send help to for all of those who had to get loan but penalized because they could not make payments on time
