Quid Loans Scandals

There are many basis that you should never take out a Quid Loan (sometimes called a cash advance), including the high interest rates that make it financially irresponsible. Now, though, there are even more reasons to evade receiving a payday loan in Canada because of the high digit of lawsuits against these loan business.

Payday loan business are notorious for disguise the amount of interest they charge customers; they hide it in various fees. These fees often add up to more than the interest itself. In Canada, it is illegal to lend cash with more than 60% interest. Sixty percent seems like an exorbitantly high interest rate in and of itself, but when you look at the fact that business handle to charge more than this interest rate, the figures become absolutely alarming.

There have been many lawsuits filed against payday loan company. In Canada, Bill McNally of McNally, Cuming, and Raymaker filed a suit in Calgary claiming that payday loan business charged clients illegally high interest rates.

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