Province seeking input on payday loan shops

Frances Nunziata is asking for you to give the province input on payday loan, rent-to-own and cheque cashing stores—what she calls “predatory lenders”. The proposed changes would make payday loans less attractive.

financial institutions
A search for cheque-cashing shops

For payday loan shops, province is considering

  1. Extended payment periods for repeat borrowers
  2. Lowered lending limits
  3. An extended, six-day waiting period
  4. Clear display of the cost of borrowing and credit counselling information

Most intriguingly, the province is also asking that credit unions be exempt from these regulations.

You can provide feedback on all the proposed changes.

 

Author: Adam Norman

I am raising my two children in Weston.