Alberta pay day loans bill gets reviews that are mixed

‘we are seeing more folks which can be let go. More individuals will soon be accessing these kind of loans’

The Alberta federal government is clamping straight down on cash advance businesses and their so-called ‘predatory’ methods.

New legislation means Alberta goes from having on the list of greatest rates of interest in the nation, towards the cheapest.

Now, pay day loan businesses within the province may charge $23 for each and every $100 loan.

The proposed Act to finish Predatory Lending will certainly reduce that fee to $15 and clients may have at the very least 42 times to cover straight back the cash prior to the interest begins amassing.