Stiffer rules for payday loans
The Province is making some changes to rein in payday-lending practices, and to protect people from excessive fees.
Effective September 1st the maximum fee that can be charged for every one hundred dollars borrowed will be 15 dollars, down from 17 dollars.
Fees for cashing social and disability assistance cheques will be capped at 2 dollars, plus one per cent of the value of the cheque up to a maximum of ten dollars.
In 2016, more than 160,000 B.C. residents used payday lenders, borrowed more than 369 million dollars, and took out nearly 805,000 payday loans.
The average payday loan was around 460 dollars.