Province caps payday loans

Payday loan companies in Alberta will no longer be allowed to charge interest of more than 23 cents on the dollar.

Payday loan companies in Alberta will no longer be allowed to charge interest of more than 23 cents on the dollar.

The new regulation is among a number of changes being enacted by the province to protect consumers from usury while keeping law-abiding payday loan outfits afloat.

Service Alberta Minister Heather Klimchuk says the province is also banning rollover loans and mandating that borrowers get a two-day window to back out of a deal without penalty.

The 23 per cent cap puts Alberta in the middle of the spectrum among provinces that have enacted payday loan limits.

Alberta’s opposition NDP and Liberals say the cap and other rules should have been stricter to prevent payday outfits from preying on the working poor by charging fees that amount to 800 per cent a year or more.

The Canadian Payday Loan Association, an umbrella group for the industry, says the rules strike a responsible balance, and adds that accusations that all companies prey on the poor are unfounded.

Just Posted

Everything from coffee makers to coats in latest Canada Games sale

Sale runs 1 to 7 p.m. at Games office at Bower Place mall

Town of Sylvan Lake has big ideas for lakeshore

Day mooring docks wanted but first water licence needed from province

Red Deer business moves away from overdose prevention site

At least one Red Deer business has moved away from the temporary… Continue reading

Canada Revenue Agency tax services back online after ‘hardware’ problems

OTTAWA — The websites Canadians use to file their taxes online were… Continue reading

Roof structures failed before Radiohead stage came down, inquest hears

TORONTO — Metal structures meant to hold a roof over a stage… Continue reading

Opinion: Business tax relief is a sound idea

NDP leader should avoid picking winners and losers

Svechnikov scores in overtime, Carolina beats Montreal 2-1

RALEIGH, N.C. — The Carolina Hurricanes struggled to beat Montreal goaltender Carey… Continue reading

Canadian men’s soccer squad off to Gold Cup with 4-1 win over French Guiana

VANCOUER, B.C. — Canada’s men’s soccer team is looking to the future… Continue reading

Inquest into fatal Radiohead stage collapse set to get underway in Toronto

TORONTO — An inquest is set to get underway today into the… Continue reading

The Latest: Streisand apologizes for Jackson comments

NEW YORK — The Latest on Barbra Streisand’s comments about the sexual… Continue reading

Pricey Titanic wreck tours hope to bring new life to a century-old story

ST. JOHN’S, N.L. — Adventure tourists with money in the bank have… Continue reading

Most Read