Alberta to introduce legislation cracking down on pay day loan interest levels

Alberta to introduce legislation cracking down on pay day loan interest levels

Canadian $100 bills are counted in Toronto, Feb. 2, 2016. (Graeme Roy/THE CANADIAN PRESS)

EDMONTON — Alberta is using action to suppress just just just what it terms exploitative behavior by cash advance organizations, however a spokesman for the industry states the modifications are incredibly extreme they’re going to do more damage than good.

Provider Alberta Minister Stephanie McLean introduced legislation Thursday that could enforce reduced interest expenses and broaden repayment guidelines.

“These modifications will considerably lower the yearly interest levels for payday advances, ” she told reporters ahead of presenting a bill within the legislature.

“(This) will promote reasonable and accountable financing methods. “

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