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.

One Response to Alberta

  1. Paul says:

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

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