Ontario To Cap Fee Amount On Payday Loans
by KJ Mullins.
The government in Ontario made new regulations to cap the amount companies can charge for offering payday loans. Prior to this there were no rules for these companies in the province.
The new regulations were introduced on
Monday for companies that offer high-interest, short term loans with no credit check.
Part of the new rules will make the companies be licensed by the province, provide their customers a total that includes all charges so that they know what the final fees will be and make contributions to fund to pay for public education about lending annually.
The new ruling will also allow for borrowers to have a cooling off period where they can cancel agreements.
Ontario To Cap Fee Amount On Payday Loans
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