Our issues had been validated with all the only silver liner being the restricted uptake by Ontario municipalities.
Interest Rate Caps
Just just exactly What the national federal federal government did:
Both Alberta and Ontario made reductions that are significant the attention prices between 2015 and 2018. The absolute most change that is substantial payday lending laws in Ontario happens to be a decrease in the attention price that payday loan providers are permitted to charge. 2 This fall ended up being significant, going from $21 per $100 lent (in 2015) to $15 per $100 (in 2018). 3 Expressed being a percentage that is annual, this implies a fall from 766.5 per cent APR up to a brand new price of 547.5 % APR. Like Ontario, Alberta’s rate of interest cap fell to $15 for a $100 buck loan; nonetheless, unlike Ontario, which lowered from $21 per $100, Alberta lowered from $23 per $100. Which means they went from a percentage that is annual of 839.5 per cent to at least one of 547.5 per cent.