InstaLoans/ CashStore
Complaint 220748 Details

I got caught in a payday loan cycle from them not knowing if I'd gone to cashmoney instead there wouldn't have been an issue. This company which has numerous locations across Canada doesn't give loans in cash as required by law, they then add debit card fees to the base loan amount illegally & their contract states that to recieve a direct deposit you're waiving the one hour requirement which is also against the law. So over a few months I paid 100s in illegal fees. The government of Ontario has moved to suspend their license so they discontinued the loans & switched to a federally regulated "line of credit" as a last ditch effort to avoid closure. Numerous outstanding class actions as well as repayment orders and fines from other provinces. They also screwed investors by announcing no dividend during a conference call not a news release and their stock price has collapsed from $8-9 to $2.50 since December 1st.