Ottawa tightens lending rules around the payday loan industry but experts say it’s not enough
Long-awaited changes to the lending rules under the Criminal Code will protect some vulnerable Canadians, but still leave many susceptibleThe payday loans industry offers short-term loans at high interest rates, and has been accused of taking advantage of vulnerable and low-income Canadians by trapping them in a cycle of borrowing more to pay previous debt.Tuesday are part of Ottawa’s emphasis on helping low-income Canadians as the cost of living continues to rise.
loaned. On an annualized basis, this results in an annual interest rate of 336 per cent. Previously, this limit ranged by province from $14 to $17. This change could save some Canadians hundreds of dollars, said Donna Borden, a representative of Association of Community Organizations for Reform Now, which represents low-income Canadians.
One such change could be requiring banks or other institutions to offer affordable short-term loans, which could also help low-income Canadians build credit. However, as they are considered high-risk loans, these types of programs are rarely seen as lucrative among major lenders.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ottawa man charged with hate-motivated assault in HintonburgOttawa police have charged an Ottawa man following an assault in Hintonburg earlier this month. ottnews
Read more »
Ottawa appoints new official in charge of Indigenous correctionsOTTAWA — The federal government has appointed a deputy commissioner for Indigenous corrections in a move towards tackling the overrepresentation of Indigenous…
Read more »
Morning Update: Ottawa loosens fiscal restraints with new spendingThe federal government also abandoned its timeline to balance the books within five years
Read more »
Bettman anticipates approval of new Senators ownership by midsummerNHL commissioner Gary Bettman looks at site of proposed new arena in Ottawa
Read more »
New Minas, N.S., double lung transplant survivor welcomes new pulmonary test equipment | SaltWireA New Minas man knows first-hand that when a person’s ability to breathe is compromised, little else matters. | SaltWire
Read more »
Opinion | New Jays mean new ways to score for Toronto offenceOff-season moves cost the Jays a bit of power, but manager John Schneider sees the revamped lineup ‘scoring in different ways’ this season.
Read more »