Home В» We Blog В» Bill 156 вЂ“ Is This The Cash Advance Regulation We Truly Need?
ItвЂ™s no key that payday advances charge an interest rate that is outrageously high. In Ontario, at the time of 2018, payday loan providers may charge $15 for $100. Invest the down a unique $100 loan every two days, you would pay $390 per year, thatвЂ™s an rate of interest is 390% on a yearly foundation. And therein lies the nagging issue by using these kinds of loans. Exactly what may be the solution?
On todayвЂ™s podcast, we consult with Jonathan Bishop, an investigation and Parliamentary Analyst during the Public Interest Advocacy Centre (PIAC) about Bill 156 and payday loan legislation. The PIAC is a non-profit company that conducts research into general public service problems that affect consumers. The pay day loan industry is one thing they have been investigating for more than a ten years. Continue reading