Class action lawsuit against payday loan company
Thunder Bay, Ontario — There's been a class action lawsuit against the parent company of the two former Instaloans in Thunder Bay.
Customers in Ontario, Manitoba and Saskatchewan, who took out payday loans between Jan. 1, 1998 and April 21, 2005, have until 4:30 p.m. on Jan. 31, 2006 to register.
Calgary lawyer Bill McNally, who is representing the customers, said people making a claim can call toll-free 1-866-662-3452 or go his website. You will need to and provide your name, mailing address, social insurance number, and location of the outlet where the loan was obtained.
McNally feels between 10 to 20% of the 75,000 effected customers will join in the law suit.
Although the legal limit for payday loans is 60% in Ontario, the lawsuit claims Instaloans was charging as much as 650% interest on instant payday loans.