Alberta to introduce legislation breaking down on cash advance interest levels

Alberta to introduce legislation breaking down on cash advance interest levels

Canadian $100 bills are counted in Toronto, Feb. 2, 2016. (Graeme Roy/THE CANADIAN PRESS)

EDMONTON — Alberta is using action to suppress exactly just just what it terms exploitative behavior by pay day loan organizations, but a spokesman for the industry claims the changes are incredibly extreme they’re going to do more damage than good.

Provider Alberta Minister Stephanie McLean introduced legislation Thursday that will enforce reduced interest costs and broaden repayment guidelines.

“These modifications will significantly reduce steadily the annual interest levels for payday advances, ” she told reporters ahead of launching a bill within the legislature. Continue reading