The government of BC is attempting to prevent payday loaners from taking advantage of people in poor financial situations.
New rules to strengthen payday loan protections take effect as of September first, including: lowering the maximum fee to 15 dollars for every 100 borrowed, extending the cancellation period to two full business days, prohibitng loners from requesting personal information, and clarifying data reporting timelines.
Along with the changes, the government will also be capping the fee for cashing provincial social assistance or dissability cheques at 2 dollars plus one percent of the cheque’s value.
