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Bill 156 – Is This The Payday Loan Regulation We Truly Need?

Bill 156 – Is This The Payday Loan Regulation We Truly Need?

Quebec as an example went a different path than many of the provinces by restricting the criminal interest rate to 35%. It has in effect curtailed the operation of payday lenders here.

Doug Hoyes: simply a concern on that then, therefore in Quebec the maximum rate of interest that could be charged i suppose by any loan provider is 35% is the fact that correct?

Jonathan Bishop: That’s my understanding, yes.

Doug Hoyes: And that’s curtailed lending that is payday given that it’s perhaps not lucrative doing it.

Jonathan Bishop: That’s my understanding. I understand you can find still storefronts there but they’re not offering items on a basis that is similar they do various other provinces.

Doug Hoyes: Got you. Whereas, where we stated within the introduction at a location like Ontario here, the utmost rate of interest, that will be governed by federal legislation, while you said, that are governed by the usury guidelines I guess, is 60% nevertheless the payday advances get around that. Continue reading Bill 156 – Is This The Payday Loan Regulation We Truly Need?