47332
47396

Penticton  

Payday lender fined

A Penticton payday loan lender has been fined for violating consumer protection laws.

Cash Central Services on Martin St. has been penalized $1,500 and received a compliance order from Consumer Protection BC for failing to display annual interest rates on payday loan agreements.

The watchdog also says Cash Central issued a new payday loan to a borrower who already had one outstanding, which is against regulations. The violations were found during a site inspection on July 27.

Consumer Protection BC documents show the payday lender tried to attribute the missing interest rate to a simple oversight around new loan agreement paperwork being created in 2016.

The lender also said the two loans were issued to a longtime customer, who typically borrowed $400 cash on every loan. Cash Central argued that they only had $170 cash on hand at the time, and had the customer come back for the other $230 at a later date.

“The respondent truly believes it provided only one loan, not two,” the penalty decision states.

Regardless, Consumer Protection BC issued the penalty on Oct. 5.



More Penticton News

44598
Recent Trending
45192


47072




Send us your News Tips!


46209


Penticton SPCA Featured Pet

Bear
Bear Penticton SPCA >


45543


Castanet Proud Member of RTNDA Canada
44635