Legal Opinion
Derrick D. Smith and Valerie D. Smith v. Check-N-Go of Illinois, Inc., Sandra Brown and Deborah Jackson v. Check-N-Go of Illinois, Inc.
Court of Appeals for the Seventh Circuit
Decided December 23, 1999No. 99-2666 & 99-2667PublishedCited by 43 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
We have for consideration two of the many payday-loan cases now pending in this court. * A “payday loan” is a short-term loan that is to be repaid on the borrower’s next payday. The transaction is handled with a minimum of paperwork; the loan agreement is a single sheet of paper, and the borrower receives cash within minutes of applying. The rate of interest is high (in the range of 500% annually), and the lender typically requires the borrower to write a check that can be submitted for payment after the borrower’s next scheduled payday. We held in Smith v. Cash…
2Cases cited5 opinions
- Margaret Walker v. National Recovery, Inc.Court of Appeals for the Seventh Circuit · 1999
- Lenora Johnson v. Revenue Management Corporation, Brendt Wollert v. Client Services, Inc.Court of Appeals for the Seventh Circuit · 1999
- Manuel Herrera and Lupe Herrera, Cross-Appellants v. First Northern Savings and Loan Association, CrossCourt of Appeals for the First Circuit · 1986
- Valerie D. Smith v. The Cash Store Management, Inc. The Cash Store, Ltd. Harold L. Ahlberg Trevor L. Ahlberg and John Does 1-10Court of Appeals for the Seventh Circuit · 1999
- Dixey v. Idaho First National BankCourt of Appeals for the Ninth Circuit · 1982
3Cited by43 opinions
- Kenneth A. McCready v. Ebay, Inc., Bruce Kamminga, and David McDuffeeCourt of Appeals for the Seventh Circuit · 2006
- Oneta S. Cole v. U.S. Capital, Incorporated, Autonation USA Corporation, and Jerry Gleason Chevrolet, IncorporatedCourt of Appeals for the Seventh Circuit · 2004
- Vernon Handy, Administrator of the Estate of Geneva H. Handy v. Anchor Mortgage Corporation and Countrywide Home Loans, Inc.Court of Appeals for the Seventh Circuit · 2006
- Hamm v. Ameriquest Mortgage Co.Court of Appeals for the Seventh Circuit · 2007
- Brown v. Payday Check Advance, Inc.Court of Appeals for the Seventh Circuit · 2000
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