Monday, April 30, 2007

Canadian Payday Loan Companies Must Disclose All Costs

By Paul Rizzo
Payday Loan Writer

Faxless payday loan companies will now have to inform customers how much it costs to borrow cash under new rules announced by the Ontario government.

Companies will have to hang a prominent poster in their office, outlining how much it costs to borrow $100. Customers will also receive standardized information about their cash advance and must be given their cash immediately upon signing an agreement.

Government Services Minister Gerry Phillips says the new regulations will better protect quick payday advance loan customers and ensure they are treated fairly.

The province has also written a discussion paper on payday loans and is asking the public whether greater protection is needed.

The federal government recently passed legislation giving provinces the power to regulate the payday cash loan industry.

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