Commentary The poor you will always have with you. (Matthew 26:11) Another thing that will always be with us: lenders making high-interest, short-term loans to the poor, who will then struggle to pay them back. This leads to yet another eternal condition: impractical moral judgments about such loans. In this year’s federal budget, the Liberals…
Payday Loans Often Come With a Higher Price Than You Want to Pay
One of the easiest ways to get money when you need it right away is to get a payday loan. These loans are available in most places—and online—and they usually advertise how easy it would be to get one. A huge problem with these loans is that they often become debt traps for borrowers. Payday…
National Law Firm Monitoring Federal Plan to Rewrite Law on Loan Interest Charges
The Canadian government is planning to rewrite regulations governing the amount of interest that can be charged on a loan, and one of the country’s largest law firms, Bennett Jones, says it is monitoring the proposed changes and consultation process. Canada’s law on interest charges was last modified in 1978. Bennett Jones said the government…
Liberals Propose Regulation of Payday Loans With Cap on Borrowing Rates: Budget 2023
The federal government proposing to regulate payday loans by placing a cap on borrowing rates, according to the 2023 budget. Released on March 28, Budget 2023 categorizes lenders who offer loans at “very high interest rates” as “predatory lenders.” As first reported by Blacklock’s Reporter, the budget said these lenders “can take advantage” of low-income…
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