National Money Mart

A BC Supreme Court judge has certified a class action lawsuit against National Money Mart that claims the company issued short-term fast cash advance loans that charged an illegal annual interest rate exceeding 60 percent. An annual interest rate exceeding 60 percent is considered illegal in Canada under Sec. 347 of the Criminal Code. Each borrower is required to provide Money Mart with a check postdated to the date of the borrower's next scheduled pay day. The postdated check includes interest and a check-cashing fee. Assuming Money Mart's fees are interest, the company reportedly charges an annual interest of 1,845 percent.