INSTALOAN PAYDAY CLASS ACTION SETTLEMENT
Frequently Asked Questions
2. When can I get paid my benefit from the claim?
3. What information will I receive with my cheque?
4. What if I am dissatisfied with the amount of my cheque?
5. Is submitting by phone any faster than the web or vice versa?
7. How much money will I receive?
8. What does class action mean?
9. How will I get my money? A cheque?
1. I have submitted my information on the web and faxed my current photo identification to you, what happens now?
Assuming the settlement receives final approval from the Ontario Superior Court in Toronto, Ontario, on February 15th, 2006, you will receive a cheque from Instaloans that will be mailed to you by Instaloans.
2. When can I get paid my benefit from the claim?
You must wait to be mailed a cheque by Instaloans.
3. What information will I receive with my cheque?
You will receive a letter summarizing the Settlement Benefit payable, or an explanation as to why no benefit is payable, or requesting further information.
4. What if I am dissatisfied with the amount of my cheque?
If you are not satisfied, you can return the cheque to the Claims Administrator within 30 days of the date of the Settlement Letter. Otherwise you will be deemed to have accepted the settlement.
5. Is submitting by phone any faster than the web or vice versa?
Neither method is faster than another.
6. I do not have a fax machine and can not fax my current photo identification. Can I still make a claim?
We can not process your request without a copy of a current photo identification. We suggest that you locate a photocopy shop or similar, many places have fax machines you can use for a minimal fee.
7. How much money will I receive?
You will receive at least 15% of any charges that you paid in excess of 60% per annum. However, the amount you receive will depend on how many class members claim a benefit. Instaloans has agreed to pay a minimum $1.28 M to class claimants.
8. What does class action mean?
A class action means that all people who borrowed money from an Instaloans' location, except in BC, for the specified period, are potentially eligible for a benefit. If you choose to accept the benefit, you are prevented from bringing your own action against Instaloans.
9. How will I get my money? A cheque?
You will receive a cheque from Instaloans.