What is this lawsuit about?

LendCare Easyfinancial, Easyhome’s loan agreements contain clauses that allow them to charge a higher interest rate when customers miss or are late on a loan payment, increasing the overall cost borrowing. Slater Vecchio is investigating a consumer protection lawsuit against these companies for illegal interest rate penalties in their loan agreements.

These interest rate hikes can be especially harmful for people who already rely on high-cost credit. When a lender raises the interest rate after a missed payment, it can make it much harder for borrowers to get back on track and may result in them paying far more than they expected over the life of the loan.

What is a class action?

A class action is a legal case through which one person makes a claim to the Court on behalf of a similarly situated class of people who have the same or a similar legal claim. A class action seeks to hold a defendant or defendants responsible for their conduct that affects each member of the class by resolving issues that are common to the class in the same legal proceeding, instead of each class member bringing a claim individually.

The individual who first files the claim must ask the Court for permission to proceed as a class action. If permission is granted (referred as “authorized” in Quebec, and “certified” in all other Canadian provinces) and the case may proceed as a class action, the Court will appoint an individual as “Representative Plaintiff” to represent the best interests of the class during the litigation and will define the class group. Each person who meets the criteria of the class group is considered a “Class Member”.

Who does this class action represent?

You may be affected by this investigation if:

• You live in Canada, and
• You have, or previously had, a loan or financing agreement with LendCare, Easyfinancial, or Easyhome
• Your interest rate increased after you missed or were late on one or more payments.

This may include any form of personalloan signed with LendCare Easyfinancial, or Easyhome. You are eligible whether you still have an active loan or have already paid it off. Loans for business do not apply.