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Lower Payday Loan Rates
Friday, January 5, 2018
Starting January 1, 2018 the Ontario Government has made changes to lower rates for payday loans and related services.
Some of the changes include:
- Borrowing costs changing from $18 to $15 for every $100 borrowed.
- Municipalities across Ontario will be able to restrict where payday loan shops can operate and how many shops can operate in each area.
As of July 1, 2018 more changes will include:
- When you cash government-issued cheques you will pay no more than $2 plus 1% of the cheque total or $10, whichever is less. Currently, there is no limit on fees to cash government-issued cheques.
- Lenders will only be able to lend 50% of your net pay.
- You will be given an extended payment plan on your payday loan if you borrow more than three loans in a 63 day period.