Maple Ridge Coun. Tyler Shymkiw
Cost of payday advances to drop in B.C.
The borrowing prices of short-term money loans would be lowered under brand new regulations established in Maple Ridge wednesday.
вЂњSometimes individuals need an additional few hundred bucks to endure between paydays and move to payday loan providers for high-cost, short-term loans,вЂќ Minister of Public protection Mike Morris stated in the front of Maple Ridge town hallway.
A year ago, 159,000 individuals did that.
As outcome, the federal government is establishing a limitation on rates of interest charged by cash advance businesses.
At the time of the maximum allowable fee for a cash advance in B.C. will drop to $17 from $23 for each $100 lent, rendering it the second-lowest price in Canada.