Money Payday Loans - Payday loan company charged criminal rates, BC judge rules - The Canadian Press
Justice Brenda Brown found that Instaloans Financial Solution Centres and its various related companies charged annual interest rates of over 60 per cent and that’s against the Canadian Criminal Code. Her ruling released Friday agreed with the plaintiffs on 11 of 12 of their claims against the company, but it didn’t address compensation. Brown found in an earlier ruling that up to 32,000 people qualify as members of the class-action suit. In the Friday decision, Brown concluded Instaloans and its two principles named in the suit, Tim Latimer and Marc Arcand, were aware of the Criminal Code section barring annual interest rates of over 60 per cent when they began their business. Learn more
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