Payday Loans
Payday loans are short-term cash loans. They are usually in the $100-$200 range, and the money is advanced in return for a post-dated cheque. The term of the loan is usually 14 days or less. These loans are known by a number of different names, including "Payday Loans" and "Cash Advances". Sometimes these loans are referred to as "cheque-cashing services". The companies which provide these loans often describe the amounts they charge as "fees" or "service charges", rather than interest. Although the loans are usually short-term, the cost to consumers is very high. The interest actually charged and collected by some of these companies may be more than they are legally entitled to. If you or someone you know has taken such a loan, you may be entitled to compensation.
We are closely following developments in the class action against Money Mart in Ontario http://moneymartclassaction.com/. On November 3, 2008, the Ontario Court of Appeal http://www.ontariocourts.on.ca/decisions/2008/november/2008ONCA0746.htm decided in favor of the plaintiffs in Ontario. The bottom line in the decision is that Money Mart has been denied a defence based on provisions in their consumer contracts that provided for arbitration and denied access to class proceedings. The trial of the common issues in the Money Mart Class Action in Ontario began on April 27, 2009. The outcome of the Ontario litigation will largely determine the outcome of the litigation in Newfoundland and Labrador and elsewhere.
For more information on these loans and the lawsuits that have been launched in Atlantic Canada against Money Mart and Quik Cash Ltd, please select one of the topics below.
Payday Plus - Statement of Claim
Money Mart - Statement of Claim
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Ches Crosbie Barristers
169 Water Street
St. John's, NL
A1C 1B1
Phone: (709) 579-4000
Fax: (709) 579-9671
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