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Payday loan crackdown puts lenders more on a leash

New legislation aimed at protecting consumers from building up debt through payday loans will ban lenders from a number of typical practices that financial advisers say have led to serious financial hardship for some of Earth’s most vulnerable- Newfoundland and Labrador. A federal exemption granted late last year allowed the …

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How to repay payday loans

You can apply for a $4,300 term loan and consolidate these debts into one new loan. The interest rate you can get will depend on how good or bad your credit score is. The lower your score, the higher your interest charges will be. Some alternative lenders offer small loans …

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More insolvent borrowers use payday loans in Ontario: study

TORONTO – A study by a Toronto-based company indicates that the rate of insolvent borrowers using payday loans in Ontario has increased for the sixth consecutive year. According to insolvency trustee firm Hoyes Michalos & Associates, 31% of insolvent borrowers used the loans in 2017, up from 27% the previous …

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Alberta payday loan bill gets mixed reviews

The Alberta government is cracking down on payday loan companies and their so-called “predatory” practices. The new legislation means Alberta will go from one of the highest interest rates in the country to one of the lowest. Currently, payday loan companies in the province can charge $23 for every $100 …

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