In Ontario, payday lenders are not allowed to charge more than $21 for every $100 borrowed. Ontarians who took out payday loans from now-defunct Cash Store can file claims to recover fees and interest. The class action alleged that Cash Store Financial Services Inc., which operated more than 500 outlets at its peak, broke the Payday Loans Act by exceeding the maximum cost of borrowing allowed. The Ontario government implemented an amendment to the law on Sept. 1, 2011 that was meant to avoid any ambiguity in interpreting the 2008 Payday Loans Act. Steve Russell *p66 na / Toronto Star ) Order this photoSome 100,000 payday loan users who borrowed from the now-defunct Cash Store or Instaloans branches in Ontario can collect their share of a $10-million class-action settlement.

Source: thestar July 05, 2016 03:56 UTC