Pay Day Loan Borrowing Costs Reduced

Pay Day Loan Borrowing Costs Reduced

Postby CLS » Fri Jan 13, 2017 8:58 pm

Effective January 1, 2017, Ontario has reduced the maximum allowable total cost of borrowing under a Pay Day Loan from $21 per $100 borrowed to $18 per $100 borrowed. This maximum cost includes interest charges, as well as any fees or other charges related to the loan.

This is good news for consumers who have no alternative when faced with financial difficulties but to turn to pay day lenders.
Kathryn M. Bullon, B.Sc., J.D., M.Ad.Ed.
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Community Law School
CLS
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