A writer for the the Vancouver Sun in a recent article calls the latest BC payday Loan regulation 'Hogwash'.

"When it comes to payday loans, the new rules -- assuming they're ever enforced, as the old ones never were -- may rein in a few of the worst companies that persistently have violated the Criminal Code by charging 10-plus times the statutory limit of 60 per cent in annual interest"

"....But for most payday loan shops, which charge a little less than 10 times the legal limit, the change merely legalizes what used to be against the law. It raises the permissible annual interest from 60 per cent a year to as much as 598 per cent."

Read the full story Here.

Add comment