In Alberta, payday lenders can’t charge more than 15% as of January 1, 2017 (previously the limit was 23%).

Other laws of interest

Loans must now have a term between 42-62 days, and must be split up across at least 3 pay periods, or 2 if the borrower is paid monthly. ┬áThis has an odd effect of sometimes requiring borrowers to make a payment that isn’t on one of their scheduled paydays, which will probably increase default rates.

2 Responses to Alberta

  1. Cat Steward says:

    We know how sketchy the paydayloan industry is, but internally these companies are corrupt as well. Take Cash Store whom I have a close internal contact. Their VP of IT, Stacy Shenfield is a bully and bigot whose hired minorities so that he can over-work them and not compensate them fairly. He records everyone’s work hours in a private spreadsheet and does not share this with HR. He knows the minorities won’t squeal because they’re just happy to have a job – but at the same time, qualified Canadians are being overlooked. Shenfield is very corrupt and needs to be dealt with.

  2. Paul says:

    Rates need to be updated. Currently $15 per $100 effective August 2016.

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