It’s payback time for payday loans
It’s payday loan payback time in Canada as the Conservative government is preparing to introduce legislation that would finally rein in Canada’s mushrooming payday loan industry, delegating power to the provinces to regulate the business and protect consumers. And guess what, the payday loan industry itself is lobbying to be regulated in order to eliminate bad apples while allowing reasonable short-term rates. Canada.com reports:
The bill would address concerns that payday lenders are charging consumers exorbitant rates of interest on small loans - sometimes in the tens of thousands of per cent interest.
Read more:Federal government to introduce legislation on hot payday loan issue