Mike Farnworth, Minister of Public Safety and Solicitor General said an unexpected event, like a broken washing machine, can leave some people feeling like they have no choice but to turn to a high-cost lender.
The province is introducing changes that will strengthen protections for those who turn to a high-cost lender.
They include limits on the total cost of borrowing, the prohibition on certain fees and charges and those businesses that provide high-cost credit products will need to be licensed.
On top of that, a new consumer financial education fund will be established to help consumers understand the choices they have.
The fund will be administered by Consumer Protection BC.