Alberta to introduce legislation breaking down on pay day loan interest levels
Canadian $100 bills are counted in Toronto, Feb. 2, 2016. (Graeme Roy/THE CANADIAN PRESS)
EDMONTON — Alberta is following through to suppress exactly what it terms exploitative behavior by pay day loan businesses, but a spokesman when it comes to industry says the changes are incredibly extreme they are going to do more damage than good.
Service Alberta Minister Stephanie McLean introduced legislation that would enforce lower interest costs and broaden repayment rules thursday.
«These modifications will significantly decrease the interest that is annual for payday advances, » she told reporters just before launching a bill when you look at the legislature.
«(This) will market reasonable and lending that is responsible. «
Pay day loan loan providers provide money to individuals tide them over from paycheque to paycheque. The loans may be a maximum of $1,500 and needs to be paid back within 2 months. Leer más