The law firm of McNally Cuming (Calgary) has filed a lawsuit against Insta-loans for its practices in loaning money or short intervals of time (payday loans at interest rates that exceed the maximum allowable rate of interest under s. 347 of the Criminal Code of Canada (60% per annum ).
Clients of Intstaloan Payday Loans were invited to submit a claim to be included in the settlement. As of Tuesday February 14 submissions have been closed.
January 17, 2008 - Instaloans Case Update
The Instaloans National Class Action claim is now completed. All individuals who have submitted claims have either received their compensation or have been denied their claim pursuant to the review of the Claims Administrator under the guidelines set out by the Ontario Superior Court of Justice.
No new claims can be processed through the Class Action.
All individuals who have or may have a perspective claim are free to proceed as against the Defendants exclusive of the Class Action in any jurisdiction in Canada.
Cuming, Gillespie & Raymaker will not be acting on behalf of any individual claimants in this matter.
March 21st, 2006 - Order of Justice Cullity (pdf)
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