Province Considering Changes To Pay Day Loan Practices
New Legislation Would Shake Up High-Cost Alternative Financing
The province is mulling over changes to the way you get a payday loan. The Ontario Liberals say today they’re introducing legislation that would, if approved, offer increased protections for consumers that use high-cost alternative financial services. Stuff like payday loans, rent-to-own services, and cheque-cashing businesses. They say it’d do this by making those businesses provide more up-front information, restrict fees on certain installment loan services, and protect consumers with overdue debts by limiting the collection practices.