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Alberta payday loan crackdown shrinks industry CBC News.
Instead of having two weeks to repay loans that cost up to 23 per every 100 borrowed, borrowers now have up to six weeks to repay loans that cost 15 per every 100. Reduced income for lenders. The changes reduced income for lenders and scaled back their access to capital. According to the Canadian Consumer Finance Association, which represents payday lenders, dozens of storefronts closed.
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Payday loans in Canada Wikipedia.
The Canadian Payday Loan Association reacted by publishing Alberta" Government proposes reckless loan restrictions that will push consumers to illegal lenders" 9. Alberta introduced a bill to reduce the maximum rate on payday loans to 15 per 100 lent, the lowest maximum rate for provinces that allow payday loans.
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