Apr
18
Payday Loan Advance Lending Company - New rules attract US lenders - Toronto Star
Filed Under Payday Loan Advance Lending Company |
American payday lenders are eyeing the Canadian market as provinces move closer to establishing clear regulations on small-sum, short-term consumer loans. American firms are considering expansion into Canada as payday lending emerges slowly from its legal black hole and looks as if it is about to start setting fee caps that are actually weaker than some new legislation in several states. Last week, Manitoba became the first province to set the maximum fees for payday loans, which a 2004 Toronto Star investigation revealed charged annualized interest rates ranging from 390 to 891 per cent. Former Canadian Payday Loan Association president Bob Whitelaw said American firms have been thinking about Canada











