Payday loan provider fined

Consumer protection watchdog slapped a $7,750 fine against a local payday loan company

B.C.’s consumer protection watchdog slapped a $7,750 fine against a local payday loan company last week for failing to provide lenders with copies of their loan agreements.

Edmonton-based Cash Store Financial Inc., which has The Cash Store and Instaloans branches in Victoria, Esquimalt, Saanich and Colwood, had previously been the focus of a Consumer Protection B.C. investigation in 2010.

That investigation concluded Cash Store charged excessive fees to nearly 68,000 lenders. A judicial review of the case begins in BC Supreme Court today (June 26).

“We want consumers and the industry to know that we take all unlicensed and non-compliant activity very seriously,” said Manjit Bains, Vice President of Corporate Relations at Consumer Protection BC.

To learn more about the actions taken against Cash Store and Instaloans, visit consumerprotectionbc.ca.