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Who here hasn't been a bit short before payday? Jacob Ayrton of Calgary took out a payday loan of $500. Two weeks later he owed Payroll Loan Canada $
606.32 (a $95 "brokerage fee" and 59% interest for a whopping 15,000% per annum charge.) Yesterday, an Alberta judge certified a class-action suit against so-called payday lenders with Mr. Ayrton as lead complainant. "These companies really exploit people who are vulnerable,"
said his lawyer. A fast-growing franchise opportunity for investors, payday loan operations are facing increased scrutiny in
Canada and the U.S. (
NC,
NV,
IL.)
posted by docgonzo
on Apr 27, 2005 -
43 comments
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