Payday loan provider Cash Store Financial Services Inc. announced late yesterday it will set up a fund to settle a class-action lawsuit filed in Ontario regarding the fees and interest it charged customers.
The Edmonton-based company said the fund will include $1.5 million in cash and $1.5 million in credit vouchers.
"The settlement fund will be used to make payments to all customers of The Cash Store and Instaloans, outside of Alberta and British Columbia, who obtained and repaid a payday loan in full," the company said in a news release.
The vouchers can be used to pay new or existing brokerage fees on payday loans from Cash Store or Instaloan offices, the company said.
The vouchers have no expiry date and are transferable.
© Copyright (c) The Victoria Times Colonist
The Edmonton-based company said the fund will include $1.5 million in cash and $1.5 million in credit vouchers.
"The settlement fund will be used to make payments to all customers of The Cash Store and Instaloans, outside of Alberta and British Columbia, who obtained and repaid a payday loan in full," the company said in a news release.
The vouchers can be used to pay new or existing brokerage fees on payday loans from Cash Store or Instaloan offices, the company said.
The vouchers have no expiry date and are transferable.
© Copyright (c) The Victoria Times Colonist
