About Canadian Payday Loans
Canadian payday loans can help you if your are in a financial bind at the end of the month. But beware .... rural areas have higher costs to payday loans in Canada and some payday loans can be higher than 60%.
New legislation on Canadian Payday Loans.
Canada has made the issue of getting a payday loan in Canada far less a political hot potato as it is in the United States, and the good news is it soon will be much better for you to repay a payday loan in Canada.
The laws around the industry are by province.
- Quebec is the one provinche is which the payday loan industry is not very big as legislation has existed for decades designed to prevent the payday loan industry from gaining a foot there.
- British Columbia had a survey done by Deloitte & Touche showing the average rate of a payday loan in BC at $25.21 for a $100 loan. New legislation in British Columbia has set the maximum allowable rate for payday loans at $23 per $100, (effective November 1, 2009)
- The Alberta government has similar plans to British Columbia to cap maximum allowable rate. The government said "The new regulation sets the maximum total cost of borrowing at $23 per $100 borrowed, including interest and any fees charged as a condition of the loan. The amount requires federal approval before it comes into effect."
- In Ontario, the Ontario Payday Loan Advisory Board also is callingg for a rate cap of $21 per $100.
- Manitoba, Nova Scotia and Saskatchewan all have payday lending laws.
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