In this paper, Cardus continues its multi-year research of this cash advance market in Canada and evaluates which policies will work, that aren’t, and exactly what yet continues to be unknown about pay day loans, customer behavior, plus the impact of federal government legislation regarding the supply and need for small-dollar loans.
The payday financing market in Canada is evolving. Provinces across Canada have actually lowered interest levels and changed the principles for small-dollar loans. The purpose of these policies is always to protect customers from unscrupulous loan providers, also to minmise the possibility of borrowers getting caught into the period of financial obligation. Continue reading