Santa Clara, CA: A $10 million settlement has been reached in the consumer fraud class action pending against the now defunct Cash Store or Instaloans. Class members in Ontario who took out loans, also called lines of credit, will now be able to collect their share of the settlement.
The lawsuit, which represents some 100,000 customers, alleged that Cash Store Financial Services Inc., broke the Payday Loans Act by exceeding the maximum cost of borrowing allowed. According to Ontario law, it is illegal for payday lenders to charge more than $21 on every $100 lent. The plaintiffs fclaims that the defendant skirted the rules around maximum interest rates by adding additional fees for setting up debit cards, bank accounts, and other products.
At its peak, the Cash Store Financial Services Inc., had 500 outlets at its peak.
Ontarians who took out payday loans, or so-called lines of credit from either Cash Store or Instaloans after September 1, 2011 are being asked to file claims to recover some of the illegal fees and interest they were charged.
Eligible class members with approved claims could receive at least $50, with some, including those who took out multiple loans, possibly receiving more. The final amounts will depend on how many claims are submitted.
Timothy Yeoman filed the lawsuit was filed in 2012 alleging he borrowed $400 for nine days and was charged $68.60 in fees and service charges as well as $78.72 in interest, bringing his total borrowing cost to $147.32.
As a car title loan, I have been charged interest and fees on $2500 I borrowed. After 18 months of paying in excess of $300 a month, my balance stands at over $2700!!! High pressure to pay and cost me almost $600 to get my car back after it was repossessed for being 25 days late. What is happening?
Posted by Wanda Butler
I borrowed $1500 from Payday Loans/Rapid Cash in July 2018. I only needed it for a few weeks while waiting for escrow to close.
I was given 3 months to pay with payments for $830.00. I made the 1st payment on time 8/1/2018. Then paid the balance $1424.28 off on 8/312018 before the next payment was due on 9/1. So I paid a total of $2244.28. Therefore i paid $754.28 more than half in interest. It is out rageous that they charged me $754.28 in interest for 45 days!!!! I was devastated. This is highway robbery. Just Legalized Loan Sharking!!! The Government/Congress needs to stop these loan companies from Raping consumers!!!! I appreciate them being there but it is outrageous that they can take advantage of comers in disparate times. I will have to be on my death bed to borrow from one of these companies again!!!! Wbutler. ?????????????????
Posted by Pamala Bedford
Please email info on class action law suit.
Posted by Ivan lyken
Had several loans with Rapid Cash
Posted by Julia Theresa Shepherd
I had sec several Speedy Cash Loans checkngo Etc loans for my husband and myself when I was fighting cancer in 2012 and 13 I paid $45 for Speedy Cash each time and it had to be at least 40 times it was outrageous can you please email me and let me know I need to be in on this class action lawsuit as soon as possible and I will call them and I will find out exactly how many loans I did take out as I needed them for my chemo and radiation deductibles thank you and God bless
Posted by Amanda Harbin
I had alot of loans out there thru payday loans,title loans,etc.....Speedycash,check-n-go,cash express,advance 24/7, and another place..noticed all the interests charges,been paying on some since "2014","2015","2016".....seem like I'm never getting them paid off....for all these added charges they keep adding too my loans.....plus,have come close too losing my vehicle thru the title loan been paying them (cash express)since "2014".....regret ever getting any loans from these places....they rip-offs from charging so much added fees too customers...and,truly seems like you never getting these places paid-off.....for all the interests charges,added fees.....They truly make it tempting
for customers too get these loans....by their advertisements....makes it sound all good until you get your money from them&sign paperwork.....then,afterwards they got you hooked into having too pay outrageous fees....that should Not be added..each time....you go in too make your payments.....Truly grateful for their help in loaning me money when I needed it the most......but,also I am very disappointed in the way they do their business in ripping people out of hard earned money.....I be thankful and relieved once I pay them off....whenever,that will be---and,then after that I am NoT gonna go and do anymore business with them....can't afford too---barely afford all payments,.now in fact I am having too face filing bankruptcy....sooN!!!
Posted by Michael Bogan
I was with InstaLoan over 4 years, major interest attached. Seeking assistance in class action lawsuit. Thanks so much.
Posted by Sandra M
I just received 3 checks last week from Pay Day Loan Redress !) $1,050.00 2) $500.00 3) $13 .00 have used several over the years so don't know where they came from.Nice weekend surprise
Posted by Nelson Craigie
Borrowed from speedyloans Penticton,main st. From 2009 to 2013, May already be in this class action, please check. Thank you. P.S it's time they are put out of business
Posted by Dominesha R Davis
I wounder why i felt like o was losing more money
Posted by Pat stulov
Hi as a customer of this i like to be part of this class action settlement how do i go about it..advise..thanks
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