Justice Brenda Brown
“I accept the plaintiff’s submission that if processing fees and late fees are interest, and their payment results in payments at a criminal rate, then A OK has necessarily received interest at a criminal rate.”
Canada Supreme Court Justice Brenda Brown ruled that a payday loan company A OK was charging “criminal” rates of interest…
In the first class-action ruling on payday loans in Canada, Justice Brenda Brown ruled that late fees and processing fees were interest.
This puts payday lenders all over Canada well over the rate allowed under the Canadian Criminal Code (60% APR).
Justice Brown called the fees “unconscionable” and “inequitable.”
Source: B.C. Court Rules Payday Loan Company was Charging ‘Criminal’ Rate of Interest (Canadian Press)
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