New Rules on Payday Loans in Ontario
People looking to take out a Canadian payday cash loan now in Ontario have a clear picture of the true cost of their decision.
New rules covering the industry took effect this week. They include:
- Payday advance lenders must now disclose all charges, including interest rates, brokerage fees and, check-cashing fees for all loans over $100.
The new rules were brought in to protect consumers from sky-high interest rates charged by some payday loan lenders.