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James v. National Financial, LLC | 132 A.3d 799 (2016)
Payday loans offer fast money at high interest rates. For some customers, they’re a godsend. When a company’s terms surprised a customer, the court loaned its opinion on the matter in James versus National Financial.
Gloria James was a housekeeper who frequently resorted to payday loans to purchase groceries and pay rent. National Financial loaned James two hundred dollars. James thought she had agreed to a traditional payday loan, with a cost of sixty dollars to borrow the money.
But the terms of the loan required twenty-seven interest-only payments of sixty dollars, with the principal due with the final interest payment. The loan’s annual percentage rate was over eight hundred percent. Interest rates for installment loans were usually closer to one hundred fifty percent. National told customers the rate wasn’t relevant to their loans.
James told National she wanted to make two payments in cash instead of automatic deductions to her card. National noted this but provided James with its standard agreement. The agreement included a lengthy and confusing provision for automatic debits, making it difficult for customers to understand. It permitted National to withdraw any amount without notice to the customer.
James couldn’t afford the payments, and National attempted to deduct payments from her card. National had received one hundred ninety-seven dollars when James retained an attorney.
James filed suit against National to rescind the loan, arguing the loan was unconscionable and National violated the Truth in Lending Act. The court conducted a bench trial.
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