Online Cash Store Rebels - Payday Loans

A Cash Store that offers payday loans in Edmonton stated that it would appeal a ruling by the B.C. Consumer Protection Branch stating that the company is not in accordance with the cash advance payday loan regulations and laws set by the province. The company believes that the ruling is a misunderstanding rather than a violation of the law. As their CEO, Gordon ReykDal states that his company is in full compliance with payday loan regulations. The Vice President of corporate relations at the CPB, Manjit Bains, stated that the Cash Store was in violation of a number of provisions that were set by the payday loan regulations. Some of these violations included charging consumers for cash cards with a percentage rate much higher than the 23 percent permitted and permitting payday loan cash advances which were contingent on the cash cards. Apparently a year long investigation has been performed on the Cash Store Financial and every complaint that the store has been given was declined to be corrected, which led way for the compliance order to be issued. This order states that the company must reimburse the consumers for any amount that was overcharged on their payday loan plus a penalty charge of $25,000 and reimbursement to the Consumer Protection Branch for their lengthy investigation. The company may have charged anywhere from $1 million to $5 million in excess charges to their payday loan borrowers. The CEO suggests that this complaint is a misunderstanding because his business does not offer borrowers cash but rather different options to receive their loan such as through checks, placing funds on a prepaid credit card or placing funds on a debit card, but not cold hard cash. Any cards that are issued, are not even issued through his company but rather the Direct Cash store based in Calgary. The Cash Store has one month (30 days) to file the appeal and demonstrate any new evidence since the previous trial.

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