Payday loan victims get $100 million (Toronto Star)
Posted on June 10th, 2009 | by admin |More info…
Canada’s leading payday lender has agreed to pay $100 million to Ontario clients who complained they were ripped off by usurious interest rates.
Some Ohio legislators pledging another crackdown on payday lending industry (WKSU Kent State University)
Some Ohio legislators are accusing payday lenders of skirting the spirit of a new state law, so they can continue to charge sky-high rates on short-term loans. The lenders insist they aren’t doing anything illegal, but the lawmakers are still vowing to pass another crackdown. WKSU’s Bill Cohen reports.
Money Mart proposes $100M class-action settlement (Kitchener – Waterloo Record)
TORONTO (Jun 10, 2009) — A $100-million settlement has been proposed in a class-action lawsuit launched by Money Mart customers in Ontario. The lawsuit was launched in 2003 on behalf of 264,000 borrowers who alleged Money Mart charged “criminal” interest rates on 4.5 million payday loans over 10 years. The suit claimed each borrower paid an average of $850 in costs associated with the payday …
The Worst Business Model (BusinessWeek)
Learn from outrageous, harmful business ideas like Wonga payday loans. Umair Haque explains it all
Payday Loans
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