SAANICH, BC – September 15, 2025 – Payday lender Cash Money has agreed to refund $547,000 to more than 2,800 consumers following a Consumer Protection BC investigation. The payday lender has 25 locations throughout the province.
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 5,600 non-compliant payday loans, issued between June 1, 2023, and July 20, 2025.
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.
Consumer Protection BC is inspecting other payday lenders for similar violations.
A payday loan is a short-term loan up to $1,500 with high fees that make it an expensive way to borrow money.
“We often see under-resourced consumers using these loans because they don’t require a credit check. Unfortunately, a lot of people get caught up in a dangerous borrowing cycle and find themselves going deeper and deeper into debt,” says Hartland.
In BC, a payday loan costs a maximum of $14 per $100 borrowed, including all interest and fees.
“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 Hartland.
Consumer Protection BC has resources available on its website to help people make informed borrowing choices.
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For media inquiries, please contact:
Louise Hartland
Director of Public Relations
media@consumerprotectionbc.ca
236-664-1626
About Consumer Protection BC
Consumer Protection BC is a not-for-profit regulator responsible for overseeing specific industries and consumer transactions in British Columbia. The organization’s mandate includes licensing and inspecting regulated businesses, responding to consumer inquiries, investigating alleged violations of consumer protection laws, and classifying all general release motion pictures.
With a focus on fairness and accountability, Consumer Protection BC works to ensure consumers are informed and protected. For more information, including recent enforcement actions and details about inspection and complaint-handling processes, visit www.consumerprotectionbc.ca. The organization also shares valuable consumer tips and resources through its blog and social media channels on Facebook and Instagram.