The latest news on payday loans!!
In London, payday loan places have become quite familiar on the street with their brightly coloured signs and on TV with their catchy commercials.
If you use these places, you know that the charges for borrowing funds for a short period of time can be quite steep. And if you are not able to pay the loan on time, the next series of charges can increase the debt substantially – you may find yourself just borrowing each pay day.
A B.C. Supreme Court Justice has found that the late charges and processing fees charged by a payday loan place in that area are interest. This means the total amount of interest charged on the loan was more than 60%, the total amount allowed to be charged in Canada. There are not much further details available at this time and the payday loan place may appeal the decision, but it is an interesting decision that could affect payday loan places across Canada.
Stay tuned to this site for further details as they become available. And if you find yourself in financial trouble, not only over payday loans but other debt as well, please call us in London at 519-435-1500 or at 310-PLAN.
