Payday lender Cash Money has agreed to refund $547,000 to more than 2800 customers following a Consumer Protection BC investigation.
The payday lender has 25 locations throughout the province. A payday loan is a short-term loan up to $1500 with high fees.
In BC, a payday loan costs a maximum of $14 per $100 borrowed, including all interest and fees.
Consumer Protection BC, the industry regulator, alleges Cash Money violated consumer protection laws in their loan agreements by asking for payment before borrowers had the funds from their employers or other sources and, in some cases, giving borrowers a shorter timeframe to pay back the loan than is required under the law.
After entering an agreement with Consumer Protection BC to correct their contracts, earlier this month the payday lender mailed refund cheques for more than 5600 non-compliant payday loans, issued between June 1, 2023, and July 20, 2025.
Consumer Protection BC is inspecting other payday lenders for similar violations.
“We are seeing more people who live in BC taking out these loans. Last year alone 122,901 people took out a payday loan, borrowing approximately $364 million. That’s an increase of 11% since 2023,” says Louise Hartland, Director of Public Relations.
Consumers can reach out to Cash Money to see if they are eligible for a refund at 1-877-526-6639 or customerservice@cashmoney.ca.