It’s no key that pay day loans charge an interest rate that is outrageously high. In Ontario, at the time of 2018, payday loan providers may charge $15 for $100. Invest the away a brand new $100 loan every two days, you’d pay $390 per year, that is an rate of interest is 390% on a yearly foundation. And therein lies the issue by using these kinds of loans. But just what may be the solution?
On today’s podcast, we talk to Jonathan Bishop, an investigation and Parliamentary Analyst during the Public Interest Advocacy Centre (PIAC) about Bill 156 and unsecured guarantor loan regulation. Continue reading