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Bill 156 – Is This The Cash Advance Regulation We Require?

Tuesday, January 21st, 2020

Bill 156 – Is This The Cash Advance Regulation We Require?

It’s no key that pay day loans 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, that’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 issue with one of these forms of loans. Exactly what could be the solution?

On today’s podcast, we talk to Jonathan Bishop, a study and Parliamentary Analyst during the Public Interest Advocacy Centre (PIAC) about Bill 156 and payday loan legislation. The PIAC is a non-profit company that conducts research into general general public solution problems that affect consumers. The cash advance industry is something they’ve been investigating for more than 10 years.

Reputation for Cash Advance Legislation In Ontario

Before 2007 rates of interest had been restricted to at the most 60% beneath the Criminal Code of Canada. The Criminal Code had been amended in 2006 to permit payday loan providers under provincial legislation in the place of beneath the usury guidelines of this Criminal Code. Pay day loans will be permitted to charge a lot more than 60per cent provided that provincial legislation existed to supply set restrictions round the expense of borrowing no matter if this exceeded the code rate that is criminal. (more…)