Personal Policy in Ontario. Province places a lid on payday advances
Published in Governance Debates
TheStar – Ontario – Province sets a lid on pay day loans: Officials state interest limit shall avoid loan providers from preying on poor posted On Tue Dec 15 2009. Robert Benzie Queen’s Park Bureau Chief
Consumer-protection guidelines capping the attention which can be charged on payday advances have finally taken impact.
The Ontario federal federal government has relocated forward with sweeping changes sparked in component celebrity probe as to how earners that are low-income gouged once they borrow funds for quick amounts of time.
At the time of Tuesday, the limit regarding the interest charged is $21 for every single $100 lent – the second-lowest price in Canada after Manitoba, that has a $17 optimum.
“Capping pay day loan prices is another step we’re using to guard customers,” a federal federal government official stated Monday, noting it is the latest in a few measures gradually implemented in 2010 to manage an industry that is criticized for preying in the bad. […]