The Changing Face of Payday Lending in Canada

The Changing Face of Payday Lending in Canada

In this paper, Cardus continues its multi-year research regarding the loan that is payday in Canada and evaluates which policies will work, that are not, and just just just what yet stays unknown about pay day loans, customer behavior, plus the effect of government legislation in the supply and need for small-dollar loans.

Executive Summary

The payday financing market in Canada is evolving. Provinces across Canada have actually lowered interest levels and changed the principles for small-dollar loans. The purpose of these policies is always to protect customers from unscrupulous lenders, also to minmise the possibility of borrowers getting caught into the period of financial obligation. Exactly just just What spent some time working, and exactly just exactly what hasn’t? In this paper, Cardus continues its multi-year study for the loan that is payday in Canada and evaluates which policies will work, that are not, and exactly exactly exactly what yet continues to be unknown about payday advances, customer behavior, together with impact of government legislation in the supply and demand for small-dollar loans.