Friday, August 3, 2007

New Rules on Payday Loans in Ontario

By Paul Rizzo
Payday Loan Writer

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.

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