Home В» We We We Blog В» Bill 156 вЂ“ Is This The Cash Advance Regulation We Want?
ItвЂ™s no key that payday advances charge an interest rate that is outrageously high. In Ontario, at the time of 2018, payday loan providers may charge $15 for $100. You would pay $390 a year, thatвЂ™s an interest rate is 390% on an annual basis if you take out a new $100 loan every two weeks. And therein lies the nagging problem with these forms of loans. Exactly what could be the solution?
A Research and Parliamentary Analyst at the Public Interest Advocacy Centre (PIAC) about Bill 156 and pay day loan regulation on todayвЂ™s podcast, I speak with Jonathan Bishop. The PIAC is really a non-profit company that conducts research into general public solution conditions that affect consumers. The cash advance industry is one thing they are investigating for more than ten years.
Reputation for Cash Advance Legislation In Ontario
Before 2007 interest levels had been restricted to no more than 60% underneath the Criminal Code of Canada. Continue reading “Bill 156 вЂ“ Is This The Cash Advance Regulation We Require?”