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Boom times for NS poverty machine

Payday loans chief rakes in $2.2 million

by

Gordon J. Reykdal
  • Gordon J. Reykdal

Gordon J. Reykdal, CEO of Cash Store Financial is taking home nearly $2.3 million in pay and bonuses this year thanks to record profits in the payday loan industry. His son, Barret J. Reykdal, who serves as president of the company, earned $720,761. The information is contained in a management information circular released this week.

As of September 1st, the publicly traded company had 22 payday outlets in Nova Scotia, more than half the provincial total. It operates under the names The Cash Store and Instaloans and charges $31 per $100 on its short-term loans, the maximum allowed under Nova Scotia regulations. A recent Coast cover story reported that people who borrow $300 at that rate would have to repay $393 out of their next paycheque.

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