Ontario reducing cost of borrowing for payday loans

As anticipated, Ontario is lowering the maximum total cost of borrowing for a payday loan from $21 per $100 borrowed to $18 per $100 borrowed, effective January 1, 2016. Ontario is also proposing additional amendments to the law governing payday loans (under Bill 59, Putting Consumers First Act (Consumer Protection Statute Law Amendment), 2016), which, … Continue reading Ontario reducing cost of borrowing for payday loans