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.