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  • Writer's pictureStaff Writers

New regulations coming for payday loans


A new law has been passed that pertains to payday loans.


As of December 15, 2022 payday loan companies operating in the province will have a new maximum that can be charged as interest.


The maximum total cost of borrowing that may be charged, required or accepted by a payday lender is $14 per $100 lent.


There are several payday loan companies operating in the province that provide loans to customers to be paid back in a short period of time.


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